Anil Ambani firm wins arbitration against Delhi Metro
Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders, media reported. A two-judge panel of the Supreme Court on Thursday upheld the 2017 arbitration award in favor of the Anil Ambani’s unit. The arbitration tribunal award is worth over 46.6 billion rupees ($632 million) including interest, according to Reliance Infrastructure’s annual report.
The verdict is a crucial victory for Ambani as his telecom firms are in bankruptcy and he is contesting a personal insolvency case lodged by the country’s largest lender. Reliance Infra shares jumped by the daily limit of 5% after the court order.