Reliance Infrastructure on Friday said it has received Rs 94 crore from the Goa government against the arbitration award of Rs 350 crore.
The company will request the Goa Government to pay the balance 75 per cent of the arbitral award against bank guarantee immediately, according to a recent Niti Aayog circular, RInfra said in a statement.
The proceeds will be used to pay lenders and reduce the debt of the company, it said. Reliance Infrastructure, which has a debt pile of up to Rs 6,000 crore, aims to be debt-free in 2020.
The arbitration tribunal, on February 16, 2018, had ordered the Goa Government to pay Rs 350 crore, including interest, in favour of Reliance Infrastructure. The arbitration pertains to the delayed payment by the Goa state utility for power supplied from RInfra’s 48 MW plant in Sancoale in Goa.
