Adani Transmission says following due process for dispute resolution with Reliance Infra
Mumbai (Maharashtra) [India], September 12 (ANI): Adani Transmission Limited (ATL) on Monday said it is following the due process under the share purchase agreement (SPA) in dispute resolution with Reliance Infrastructure Ltd (R-Infra), part of the Reliance Anil Dhirubhai Ambani Group.
ANI
Sep 12, 2022 19:04 IST
Mumbai (Maharashtra) [India], September 12 (ANI): Adani Transmission Limited (ATL) on Monday said it is following the due process under the share purchase agreement (SPA) in dispute resolution with Reliance Infrastructure Ltd (R-Infra), part of the Reliance Anil Dhirubhai Ambani Group.
In a regulatory filing to the stock exchange, Adani Transmission Limited said, "Reliance Infrastructure Ltd (R-Infra), part of the Reliance Anil Dhirubhai Ambani Group, initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021. This was a claim for Rs 500 Cr."
"Following due process, ATL/Adani Electricity rejected the R-Infra claim. In addition, ATL/Adani Electricity submitted that R-Infra has not yet settled AEML's significantly larger claims under the SPA," it said.
This year, in February and August, R-Infra filed supplementary arbitration requests, raising additional disputes and claims.
"In our view, these are afterthoughts and based on untenable positions. ATL/Adani Electricity is following the due process laid out under the SPA for dispute resolution and will respond with facts and present its own claims against R-Infra in the arbitration proceedings," Adani Transmission Limited said. (ANI)
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