Reliance Infra receives Rs 94 cr from Goa, to urge state to pay rest 75%
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 Government of Goa to pay the balance of 75 per cent of the arbitral award against bank guarantee immediately as per a recent Niti Aayog circular, RInfra said in a statement.
The proceeds will be used to pay lenders and reduce the debt of company, it said. Reliance Infrastructure, which is sitting on 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 Government of Goa 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.
