Reliance wins Rs 7.8 billion arbitration case against Damodar Corp

23 Oct 2024 CW Team

The Calcutta High Court has upheld a Rs 7.8 billion arbitration award in favour of Reliance Infrastructure Ltd (Reliance Infra) in its long-standing dispute with Damodar Valley Corporation (DVC). The case pertains to a decade-old contract in which Reliance Infra was tasked with constructing a 1,200 MW thermal power plant in Purulia, West Bengal, valued at Rs 37.5 billion.

Delays in the project led to disagreements between the two parties, with DVC seeking damages from Reliance Infra. However, in 2019, an arbitration tribunal ruled in favour of Reliance Infra, directing DVC to pay Rs 8.96 billion, including interest. DVC challenged this ruling in the Calcutta High Court, which dismissed the petition on September 27, 2024.

In a regulatory filing, Reliance Infra stated that the court upheld the arbitration award with certain exceptions. The judgment reduced pre-award interest and the interest rate on a bank guarantee by Rs 1.81 billion, bringing the total upheld amount to approximately Rs 7.8 billion, including accrued interest. Additionally, the court directed the release of a Rs 6 billion bank guarantee tied to the project.

The company is now conducting a detailed review of the judgment. "We will proceed based on legal advice, either by enforcing the upheld portion of the award or by challenging the aspects of the judgment that interfere with the original award," Reliance Infra said in the filing.

(ET)

Real Estate

05 May 2026

Dubai Real Estate Sales Reach AED48 Billion

Dubai’s real estate market recorded 13,977 sales transactions worth AED48 billion in April 2026, reflecting continued resilience across residential and commercial segments.According to a market update by fäm Properties, sales volume rose 3.5 per cent month-on-month compared to March, while total sales value increased by 10.7 per cent. The commercial sector, including offices and shops, recorded the strongest growth, with 561 transactions valued at AED4 billion, up 33.9 per cent year-on-year and 36.2 per cent month-on-month.Apartment sales rose 6.5 per cent month-on-month to 11,377 transacti..

Casagrand Launches 35-Acre Hyderabad Project

Casagrand has launched Casagrand Vybe, its largest residential project in Hyderabad, spread across 35 acres in Rajendra Nagar. The launch marks the company’s fifth residential rollout in 2026 and strengthens its expansion momentum in the city.As part of its Hyderabad growth strategy, Casagrand is adding 3.98 million sq ft of residential space to its portfolio. Since entering the Hyderabad residential market in 2023, the company has scaled its presence with projects across key micro-markets. In 2025, it launched four projects — Casagrand Evon, Casagrand Windsor Court, Casagrand Belair and C..

Bentley Event Spotlights AI Infrastructure

Bentley Systems recently hosted Illuminate Mumbai 2026, bringing together infrastructure leaders, policymakers, technology experts and academia to discuss how AI-driven engineering and digital twins can accelerate India’s journey towards Viksit Bharat 2047.The event focused on scaling intelligent and connected infrastructure ecosystems beyond digital adoption. Discussions covered the use of infrastructure AI, open data environments and digital twin technologies to improve project delivery, sustainability and long-term asset performance across key sectors.Kamalakannan Thiruvadi, Regional Exec..