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New Delhi: Adani Transmission (ATL) on Monday said Reliance Infrastructure’s claims against it and its power distribution arm Adani Electricity Mumbai Ltd (AEML) are “an afterthought and based on untenable positions”. “ATL/Adani Electricity Mumbai Ltd (AEML) is following the appropriate procedure provided in the SPA for resolution of disputes and will respond with facts and present its own claims against R-Infra in the arbitration proceedings,” ATL said in a clarification to the BSE stock exchange.
ATL has responded to reports that Reliance Infrastructure Ltd has filed an arbitration claim of Rs 13,400 crore for a deal to sell its Mumbai power distribution business to ATL.
ATL said R-Infra, part of the Reliance Anil Dhirubhai Ambani Group, initiated arbitration of one particular dispute under the Share Purchase Agreement (SPA) in December 2021.
“This was a request for Rs 500 crore, it explained. After due process, ATL/Adani Electricity rejected R-Infra’s request,” it said.
In addition, the company explained that ATL/Adani Electricity had alleged that R-Infra had not yet settled AEML’s significantly higher claims under the SPA.
This year, in February and August, R-Infra submitted additional arbitration requests, initiating additional disputes and lawsuits, according to the announcement.
“In our opinion, these (claims) are afterthoughts and based on untenable positions,” the statement said.
In August 2018, Reliance Infrastructure (RInfra) completed the sale transaction of its Mumbai power business, including generation, distribution and transmission, to ATL for Rs 18,800 crore.
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