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International Arbitration Award
August 28 , 2018
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- Reliance Power has announced that its wholly-owned subsidiary Reliance Power Netherlands BV has won an international arbitration award of $56 million against Prestige Capital Holdings (a Seychelles-based company) and Kokos Jiang.
- The arbitration was related to a contractual dispute in the context of the company’s coal mines in Indonesia.
- Kokos Jiang is the owner of Sugico Group in Indonesia, from whom Reliance Power had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010.
- The Arbitration Tribunal was constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore.
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