India's Reliance Infra jumps on arbitral award win against Delhi Metro

Reliance Infrastructure

09/09/2021 09:13

** Shares of Anil Ambani-owned  RLIN.NS  jumped 5% to 74.20
rupees, before trading was halted on hitting upper circuit
    ** Debt-laden Reliance Infrastructure won an arbitral award
of 28 bln rupees ($379.92 mln) against the Delhi Metro Rail
Corporation - Mahesh Agarwal, lawyer for Reliance in the case,
told Reuters
    ** India's top court ruled that the country's largest metro
rail body is liable to pay damages along with interest to
Reliance Infra's unit 
    ** However, in 2017, the total arbitration award granted by
a tribunal in the case was 46.63 bln rupees, as per the co's
annual report https://www.rinfra.com/documents/1142822/10919860/Rinfra_AnnualReport_2021.pdf
    ** In August last year, the Delhi High Court had barred Anil
Ambani, the younger brother of India's richest man, from
disposing off any of his assets  urn:newsml:reuters.com:*:nL4N2FT2F1
    ** Including session's gains, RLIN stock has nearly tripled
YTD 


($1 = 73.7000 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru and Suchitra Mohanty
in Delhi)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))