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Goa govt to pay Reliance infrastructure Rs. 2.9 billion as Arbitration Award
by chronicler - February 27, 2018 March 4, 2018
Reliance Infrastructure Ltd announced on Monday that it has won an arbitration award of Rs. 292 crore in a case against the Goa government. The case was heard by a Joint Electricity Regulatory Commission-constituted tribunal. Deadline for the payment has been set as April 15, 2018, failing which the state has been asked by the tribunal to pay an annual interest at 15 per cent on the award amount.
"The need for arbitration arose due to prolonged non-payment of dues by the Goa government towards supply of electricity by Reliance Infrastructure from its 48 MW Goa power plant in Sancoale," a company statement said.
"The total outstanding dues along with interest as on October 31, 2017, amount to Rs. 278 crore. The Tribunal has also awarded Reliance Infrastructure interest from October 2017 till the date of the award, which amounts to Rs. 14 crore."
According to the statement quoted by the IANS, the tribunal upheld the company's contention that the rate of energy for the period from June 2013 to August 2014 was based on the varying prices of fuel and dollar exchange rate as was agreed to by the Goa government
"The contention of the Goa government that the rated capacity of the plant was to be downrated, right from the second year of operation, for calculation of fixed charges since the parties had already agreed against downrating in 2007, was rejected by the Tribunal" it said.
Reliance Infrastructure is one of the largest infrastructure companies in India that also has a stake in the defence sector.
Information credit: IANS
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