RInfra arm moves Delhi HC over arbitration award against DMRC, stocks up 5%

Subsidiary Delhi Airport Metro Express has moved Delhi High Court seeking execution of the arbitration award it had won against DMRC

Reliance Infrastructure (RInfra) subsidiary Delhi Airport Metro Express (DAMEPL) has moved the Delhi High Court seeking execution of the arbitration award of Rs 52 billion it had won against Delhi Metro Rail Corp (DMRC), the company said on Tuesday.

"In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017 passed by the Arbitral Tribunal and direct DMRC to pay a Rs 52 billion," the statement said.

The claim includes principal amount of Rs 29.45 billion along with interest as on date, it added. Reliance infra share price rallied 5% intraday after the companies subsidiary DAMPEL moved the Delhi High Court.