Sasan Power Limited, a Wholly Owned Subsidiary of Reliance Power Limited has won an arbitration award against North American Coal Corporation (NACC).
NACC's claim of ~US$ 32 million (~ Rs. 235 Crore) consisting of liquidated damages, interest and legal cost has been dismissed.
This is a major milestone in this arbitration with the award received on 18th October 2018 from International Court of Arbitration, International Chamber of Commerce.
Pursuant to the said award, Sasan Power Limited is required to pay only, as per the Contract, outstanding invoices of ~ US$ 2.3 million to NACC (~ Rs. 17 Crore)
Shares of RELIANCE POWER LTD. was last trading in BSE at Rs.27.35 as compared to the previous close of Rs. 27.35. The total number of shares traded during the day was 1840555 in over 2395 trades.
The stock hit an intraday high of Rs. 28.15 and intraday low of 26.3. The net turnover during the day was Rs. 50268308.