A Significant Dispute Arises In Reliance Firm’s Deal With Gautam Adani: Report
Reliance cited a violation of an agreement’s conditions from December 2017.
In connection with a contract to sell its Mumbai power-distribution business to Adani Transmission Ltd., Reliance Infrastructure Ltd. claimed it filed an arbitration claim for 134 billion rupees ($1.7 billion).
According to a stock exchange filing, Reliance filed its statement of claim with the Mumbai Centre for International Arbitration, citing a breach in the terms of an agreement from December 2017. The disagreement was not further discussed.
The final result of the arbitration and any following legal challenges will determine the financial impact, according to Reliance.
Calls to the main line of Adani Transmission went unanswered after regular business hours on Sunday, and an email requesting comment received no prompt response. Calls to the main line of Adani Transmission went unanswered after regular business hours on Sunday.