HC upholds Rs 780 crore award to Reliance Infra

MUMBAI: Reliance Infrastructure told exchanges that the Calcutta HC ruled in its favour on Friday in a petition by Damodar Valley Corporation challenging a Rs 780-crore arbitration award relating to the construction of the Raghunathpur Thermal Power Project.

The dispute originated from three agreements signed on Dec 6, 2008. The project encountered significant delays, leading to disputes between the parties regarding responsibility for the delays and the associated costs.

Reliance Infra initiated arbitration proceedings, and the arbitral tribunal ruled in favour of Reliance Infra, awarding it about Rs 780 crores. Damodar Valley Corp challenged this award in the Calcutta HC.