Reliance Infra wins Rs 1250 crore case: will be free next year

Mumbai, Ta. December 23, 2019, Monday

Reliance Infrastructure won a case of Rs 1250 crore against Damodar Valley Corporation. Reliance won by arbitration. An official of Anil Ambani's company said that now they will be able to ease the financial burden on the company. The company believes the company will be debt-free next year.

In a statement, the company said that with the arbitration tribunal ruling in favor of the company, it has now become clear that we were right.

If they get the money at the right time, they will work on a new project and they will not have trouble getting working capital, ”the company said. The case relates to Raghunath Thermal Power Project, which produces 1200 MW of DVC in West Bengal, from which Reliance had to collect Rs 1250 crore.

The contract value of this project was 3750 crore. Reliance did construction and engineering work there. Reliance said the three-member tribunal had said that 898 crore was to be paid for various DVC claims. The bank guarantee of Rs 356 crore was also to be given in four weeks.