Reliance Infrastructure gains as arm wins Rs 2950 crore award against DMRC

The stock was up 4% at Rs 615 on BSE as compared to 0.06% rise in the S&P BSE Sensex at 9:18 am

Reliance Infrastructure opened 6.4% higher to Rs 630 on BSE after the company it has won Rs 2,950 crore arbitration award against Delhi Metro Rail Corporation (DMRC) for the alleged breach by the latter of the agreement on the Airport Express line.

“Delhi Airport Metro Express (DAMEPL), an associate of the company, has been awarded a compensation of Rs 2,950 crore, by a three member Arbitration Tribunal. The tribunal was constituted from a panel nominated by DMRC,” Reliance Infrastructure said in a press release.

“Reliance Infrastructure participated in the PPP (public-private partnership) model in the Metro sector to