DVC eyes Jharkhand govt decision to pay RInfra’s dues
Damodar Valley Corporation (DVC) is now eyeing the Jharkhand government’s decision to comply with the Supreme Court’s May 31 order, directing it to pay Reliance Infra Rs 535 crore in cash and Rs 303 crore through bank guarantee by July 31.
Ram Naresh Singh, chairman of the Kolkata-based DVC, has given an undertaking in writing to the Supreme Court on June 6, stating that DVC will comply with the court’s directive in terms of the arbitration award. DVC has to receive arrears of Rs 3,711.27 crore from Jharkhand Urja Vitaran Nigam (JUVN), but the Jharkhand cabinet will take the decision of paying out only a part of it — to the tune of Rs 800 crore. This payment to DVC would be beneficial to both DVC and Reliance Infra.
