Reliance Power Netherlands BV wins international arbitration award of Rs 390 cr

Mumbai : Reliance Power on Thursday said that its subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million (Rs 390 crore) against Prestige Capital Holdings and Kokos Jiang.

According to the company, 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," the company said in a statement.

"The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the Respondents jointly and severally to pay $56 million (Rs 390 crore) to Reliance Power Netherlands BV."