Latest News | R-Infra Claims 'afterthoughts', Based on Untenable Positions: Adani Transmission

New Delhi, Sep 12 (PTI) Adani Transmission (ATL) on Monday said that the claims of Reliance Infrastructure against it and its power distribution arm Adani Electricity Mumbai Ltd (AEML) are "afterthoughts and based on untenable positions".

"ATL/Adani Electricity Mumbai Ltd (AEML) is following the due process laid out under the SPA for dispute resolution and will respond with facts and present its own claims against R-Infra in the arbitration proceedings," ATL stated in a clarification to the BSE stock exchange.

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ATL responded on reports saying that Reliance Infrastructure Ltd had filed an arbitration claim of Rs 13,400 crore for a deal to sell its Mumbai power distribution business to the ATL.

ATL stated that R-Infra, part of the Reliance Anil Dhirubhai Ambani Group, initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021.

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"This was a claim for Rs 500 crore, it explained. Following due process, ATL/Adani Electricity rejected the R-Infra claim," it stated.

In addition, the company explained that the ATL/Adani Electricity submitted that R-Infra has not yet settled AEML's significantly larger claims under the SPA.

This year, in February and August, R-Infra filed supplementary arbitration requests, raising additional disputes and claims, it stated.

"In our view, these (claims) are afterthoughts and based on untenable positions," it stated.

In August 2018, Reliance Infrastructure (RInfra) had completed the transaction to sell its energy business in Mumbai, including generation, distribution and transmission, to ATL for Rs 18,800 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)