Reliance Power unit wins $56 mn international arbitration award
The arbitration relates to a contractual dispute in the context of the company’s coal mines in Indonesia
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. The arbitration related to a contractual dispute in the context of the company’s coal mines in Indonesia, Reliance Power said.
“The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 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 a potential to produce up to 30 million tonnes of coal per annum.
Shares of Reliance Power were trading 0.74% higher at 1.16 pm on the BSE on Thursday.
(Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.)