Reliance Power’s Netherlands Unit Wins $56-Million International Arbitration Award
Arbitration related to a contractual dispute in the context of Reliance Power’s coal mines in Indonesia.
Reliance Power Ltd. today said its wholly-owned subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Seychelles-based Prestige Capital Holdings and Kokos Jiang.
Reliance Power said the arbitration related to a contractual dispute in the context of company’s coal mines in Indonesia.
“The Arbitration Tribunal constituted under Singapore International Arbitration Centre rules in Singapore, in its award on Aug. 21, 2018, has ordered the respondents jointly and severally to pay $56 million to Reliance Power Netherlands BV,” Reliance Power said in a regulatory filing.
Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010.
These mining concessions have total coal resources of around 1.5 billion tonnes with potential to produce up to 30 million tonnes of coal per annum.