RInfra wins ₹1,250-cr arbitration award
Reliance Infrastructure has won an arbitration award of ₹1,250 crore against Damodar Valley Corporation (DVC), a Government of India undertaking.
The three member tribunal directed DVC to pay ₹896 crore and return the bank guarantees of ₹354 crore within four weeks or pay additional interest at the rate of 15 per cent per annum for any delay in payment beyond four weeks.
DVC is an Indian government organization established in 1948 and is India’s first multipurpose river valley project, operating in West Bengal and Jharkhand.
Reliance Infrastructure was the Engineering & Construction contractor for Damodar Valley Corporation’s 2 x 600 MW Raghunathpur thermal power project in West Bengal commissioned in 2012.
