Reliance Infra had filed arbitration claim of Rs 500 crore: Adani
The Adani group said Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, had initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021 with a claim for just Rs 500 crore. Adani said it has filed counterclaims against the Ambani company.
The Adani group firm, Adani Electricity was reacting to a Reliance Infrastructure statement of last week, which said it has filed an arbitration claim of Rs 13,400 crore against Adani Group in the Mumbai Centre for International Arbitration (MCIA).
Reliance had cited a breach of a December 2017 share purchase agreement relating to the transfer of its Mumbai power distribution business to Adani Transmission. Neither side gave any specific details about the dispute.
The Adani group said after following due process, Adani Transmission/Adani Electricity rejected the RInfra claim and in addition, ATL/Adani Electricity submitted that RInfra has not yet settled AEML’s significantly larger claims under the shareholders purchase agreement.
In February and August this year, RInfra filed supplementary arbitration requests, raising additional disputes and claims, the Adani statement said. “In our view, these are afterthoughts and based on untenable positions. ATL/Adani Electricity is following the due process laid out under the SPA for dispute resolution and will respond with facts and present its own claims against RInfra in the arbitration proceedings,” the Adani group said.
In 2017, Adani Transmission had acquired RInfra’s Mumbai power business consisting of generation, distribution and transmission in a Rs 18,800-crore deal. The funds were used to repay the lenders.The MCIA is an arbitral institution in India, established as a joint initiative of domestic and international business and legal communities, according to a statement on its website.
The Reliance Infrastructure stock closed 7.17 per cent up at Rs 174.10 a share on BSE. Adani Transmission closed 1 per cent up at Rs 4,006 a share.
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