Centre wins arbitration award against RIL in 4 oil blocks: Report

RIL paid a penalty amount way beyond $26 mn, which it had hoped to recover with a favourable arbitration award

Reliance Industries (RIL) is set to lose tens of millions of dollars as the government has won the award in the arbitration case against the firm with relation to non-completion of 'work programme' in four oil blocks, the Economic Times reported on Sunday while citing sources familiar with the development. According to the report, despite having paid the penalty already, RIL had contested its quantum that was set by the government, which had demanded around $90 million. 

Six years back, RIL had opted for arbitration since it disagreed with the amount of the fine imposed by the government. Having paid