Reliance Infrastructure to challenge ₹494 cr arbitral award, seeking to overturn the ET LegalWorld

Reliance Infrastructure Limited (RIL) has received an arbitral award from a three-member tribunal, which has ordered the company to pay Aravali Power Company Private Limited (APCPL) a sum of ₹494 crore, along with interest. The award is the result of a dispute related to a 2004 EPC Contract. The tribunal ruled in favor of APCPL by a 2:1 majority. RIL intends to challenge the award and is currently reviewing the decision with legal advice. The company aims to safeguard its interests by initiating an appeal against the award. This information was disclosed to the public through a filing with the Securities and Exchange Board of India (SEBI).