Reliance Power’s Wholly Owned Subsidiary — Sasan Power has won an arbitration award against North American Coal Corporation (NACC). This is a major milestone in this arbitration with the award received on October 18, 2018 from International Court of Arbitration, International Chamber of Commerce.
NACC’s claim of around $32 million consisting of liquidated damages, interest and legal cost has been dismissed. Pursuant to the said award, Sasan Power is required to pay only, as per the Contract, outstanding invoices of around $2.3 million to NACC.
Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. The company has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy.