Kalpataru Power set to approach New York court against Rwanda to enforce a $32 million arbitration award
Kalpataru Power Transmission Ltd. (KPTL) is set to approach a New York court to seek enforcement of an arbitration award of over $32 million (about Rs 240 crore) against Rwanda Energy Group (REG) in a matter related to a dispute over a contract, sources said.
BSE-listed KPTL, a power transmission and distribution company, had entered into a contract with REG in November 2013 to install and commission a 220 KV power transmission network connecting Democratic Republic of Congo and Rwanda in Central Africa. A dispute arose when REG refused to pay KPTL for price adjustment.
