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| Exchange Received Time 19/10/2018 16:40:41 Exchange Disseminated Time 19/10/2018 16:40:44 Time Taken 00:00:03 | We wish to inform that 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)
Please inform your members accordingly.
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