Reliance Power unit wins Rs 390 crore international arbitration award; shares up 0.74%

New Delhi: Reliance Power on Thursday said its wholly-owned subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Prestige Capital Holdings (a Seychelles-based company) and Kokos Jiang.

Reliance Power said the arbitration related to a contractual dispute in the context of company's coal mines in Indonesia.

Representational image. Reuters.

Representational image. Reuters.

"The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on 21 August, 2018, has ordered the respondents jointly and severally to pay $56 million to Reliance Power Netherlands BV," Reliance Power said in a regulatory filing.

Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010.

These mining concessions have total coal resources of around 1.5 billion tonnes with the potential to produce up to 30 million tonnes of coal per annum.

Shares of Reliance Power were trading 0.74 percent higher at Rs 33.95 apiece on BSE.

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Updated Date: Aug 23, 2018 12:06:03 IST

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