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Reliance Infrastructure Ltd has advised that in receipt of an arbitration award rendered by the Singapore International Arbitration Center in the arbitration matter between Shanghai Electric Group Co Ltd. and Companies.
According to the filing, the disputes related to the alleged guarantee given by the Company in connection with the construction of the Sasan Ultra-Mega Power project. The award against the Company is to the tune of ~Rs1,215 million (including interest and costs).
Reliace Infra said in the filing: “The Company is in the process of thoroughly reviewing the Decision and will initiate appropriate proceedings, in accordance with legal advice, to challenge the Decision and will take all appropriate steps to protect its interests.”
As of 12:32 PM on Wednesday, Reliance Infrastructure Ltd is currently trading at 154.75 dinars per share, down 2.6 dinars or 1.65% from its previous close of 157.35 dinars per share on Belgrade Stock Exchange.
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