Supreme Court on Friday ruled in favor of billionaire Gautam Adani’s power unit, saying state-run distribution companies in Rajasthan state have to pay Adani Power Ltd. Rs 3,048 crore ($405 million) and additional interest to compensate for higher fuel costs.
Adani is fighting multiple court battles against states including Rajasthan, and Haryana, seeking compensatory tariffs that reflect the cost of the pricier imported coal it uses to fire its plants. On Friday, Supreme Court ruled that four power retailers have to pay Adani Power the money within four weeks, to clear a backlog in payments due since 2013.
