NE BUSINESS BUREAU
AHMEDABAD, SEP 12
Days after Reliance Anil Dhirubhai Ambani Group’s Reliance Infrastructure Ltd (R-Infra initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021, the Adani Electricity Ltd (ATL) on Monday rejected the former’s claim. It has clearly said that the claim was for Rs 500 crore and not Rs 13,400 crore as reported.
The Adani Electricity is following the due process under the share purchase agreement (SPA) for dispute resolution, it said in a regulatory filing.
Further, the company said that it will present the claims against Reliance Infra in arbitration proceedings.
This year, in February and August, R-Infra filed supplementary arbitration requests, raising additional disputes and claims.
“In our view, these are afterthoughts and based on untenable positions,” Adani Group said.
“Adani Electricity is following the due process laid out under the SPA for dispute resolution and will respond with facts and present its own claims against R-Infra in the arbitration proceedings,” the Adani Group said.
“Following due process, ATL/Adani Electricity rejected the R-Infra claim. In addition, ATL/Adani Electricity submitted that R-Infra has not yet settled AEML’s significantly larger claims under the SPA,” the statement read.
