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    Anil Ambani’s Reliance Infra jumps 5% as SC upholds arbitration award

    Synopsis

    The company had won an arbitration award of Rs 4,600 crore including interest accrued. The Supreme Court’s verdict will bring the much-needed relief to the debt-laden group as it can utilize the proceeds for repayment of its existing debt.

    Major victory for Anil Ambani as Supreme Court upholds arbitral award in favour of Reliance InfraAgencies
    Reliance Infra had won an arbitration case against DMRC after running into dispute over the operation of the Airport metro route in Delhi that was constructed and operated by the company.
    MUMBAI: Shares of Reliance Infrastructure, part of Anil Ambani’s Reliance Group, hit its upper circuit limit of 5 per cent to Rs 74.20 today after the Supreme Court upheld the arbitration award won by the company against the Delhi Metro Rail Corporation.

    The company had won an arbitration award of Rs 4,600 crore including interest accrued. The Supreme Court’s verdict will bring the much-needed relief to the debt-laden group as it can utilize the proceeds for repayment of its existing debt.

    Reliance Infra had won an arbitration case against DMRC after running into dispute over the operation of the Airport metro route in Delhi that was constructed and operated by the company.

    Reliance Infra currently has a consolidated debt of Rs 14,260 crore and net debt of Rs 3,808 crore. The company has recently hinted at efforts to become debt free by March 2022.

    In July, The Hindu BusinessLine had reported that the company is in talks with Brookfield, Apollo Global and CDPQ to sell its Pune-Satara toll road.






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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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