Reliance Infra secures Rs 4.05 bn victory in legal battle with DVC

03 Oct 2023 CW Team

Reliance Infrastructure, a member of the Reliance-Anil Ambani group, has emerged victorious in a long-standing legal battle with West Bengal-based Damodar Valley Corp (DVC). The Calcutta High Court ruled in favour of Reliance Infrastructure in an arbitration case, awarding them a substantial sum of at least Rs 4.05 billion. This judgment is part of a larger award totalling approximately Rs 13.54 billion. The awarded amount encompasses the release of an Rs 3.54 billion bank guarantee by DVC, a government-owned enterprise.

The dispute originated over a decade ago when Reliance Infrastructure secured a contract worth Rs 37.50 billion to establish a thermal power project in Raghunathpur, West Bengal. The project faced numerous challenges, leading to disputes and delays. Damodar Valley Corp sought damages from Reliance Infrastructure, but the company contested these claims. Eventually, an arbitration tribunal sided with Reliance Infrastructure, a decision that was subsequently upheld through several rounds of court proceedings.

In response to the ruling, Reliance Infrastructure stated in a filing with the Bombay Stock Exchange (BSE) that the High Court had validated the majority of the award, amounting to Rs 13.54 billion, inclusive of accrued interest. This sum also incorporates the Rs 3.54 billion bank guarantees that DVC had returned to Reliance Infrastructure as directed by the Arbitral Tribunal. Consequently, Reliance Infrastructure is poised to receive the remaining balance of Rs 4.05 billion from DVC, marking the resolution of this protracted legal dispute.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..