The additional arbitration claims raised by Reliance Infrastructure Ltd., are ‘based on untenable positions,’ Adani Transmission Ltd. said in a statement on Monday.
Adani Transmission Ltd. had dismissed arbitration claims raised by Anil Ambani-controlled Reliance Infrastructure Ltd. on a December 2017 deal, where it acquired the latter’s power transmission business in Mumbai.
Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, had initiated arbitration on a specific dispute, under the share purchase agreement in December 2021. The initial claim was for Rs 500 crore, Adani Transmission said in a statement.
“Following due process, ATL/Adani Electricity Mumbai Ltd. rejected the Reliance Infra claim. In addition, ATL/Adani Electricity submitted that Reliance Infra has not yet settled AEML’s significantly larger claims under the SPA.”
Reliance Infra had filed supplementary arbitration requests in February and August this year, raising additional disputes and claims.
“In our view, these are afterthoughts and based on untenable positions,” Adani Transmission said.
The Gautam Adani-owned transmission company said it is following due process laid out under the SPA for dispute resolution, and “will respond with facts and present its own claims against Reliance Infra in the arbitration proceedings”.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.