Adani Electricity is following the due process under the share purchase agreement (SPA) for dispute resolution, it said in a regulatory filing.
Further, the company said that it will present the claims against Reliance Infra in arbitration proceedings.
“Adani Electricity 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," the Adani Group said.
ATL responded on reports saying that Reliance Infra had filed an arbitration claim of ₹13,400 crore for a deal to sell its Mumbai power distribution business to the ATL.
“Following due process, ATL/Adani Electricity rejected the R-Infra claim. In addition, ATL/Adani Electricity submitted that R-Infra has not yet settled AEML’s significantly larger claims under the SPA," the statement read.
The official release further said, “Reliance Infrastructure Ltd (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."
“This was a claim for ₹500 Cr. This year, in February and August, R-Infra filed supplementary arbitration requests, raising additional disputes and claims."
Reliance Infra files ₹13,400 cr claim in power deal with Adani
According to a Bloomberg report, Reliance Infra said it filed an arbitration claim of ₹13,400 crore in relation to a deal to sell its Mumbai power-distribution business to Adani Transmission Ltd.
Reliance cited a breach in the terms of a December 2017 agreement, and filed its statement of claim before the Mumbai Centre for International Arbitration, according to a stock exchange filing. It did not elaborate on the dispute.
“The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges," Reliance said.