Day's development: India wrap in 24 hours

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Day's development: India wrap in 24 hours
(L-R) Oriental Bank of Commerce (OBC) and United Bank of India (UBI), Future Group, Anil Ambani, Ford Meghana Musunuri, Satyam Mishra

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.