Reliance Power unit wins $56 million arbitration award; shares up 0.74%

Reliance Power on Thursday said its wholly-owned subsidiary Reliance Power Netherlands BV has won an international arbitration award of USD 56 million (Rs 390 crore) against Prestige Capital Holdings (a Seychelles-based company) and Kokos Jiang.

Reliance Power said the arbitration related to a contractual dispute in the context of company's coal mines in Indonesia.

"The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the respondents jointly and severally to pay USD 56 million to Reliance Power Netherlands BV," Reliance Power said in a regulatory filing.

Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010.

These mining concessions have total coal resources ofthe around 1.5 billion tonnes with the potential to produce up to 30 million tonnes of coal per annum.

Shares of Reliance Power were trading 0.74 per cent higher at Rs 33.95 apiece on BSE.