New Delhi: Delhi Airport Metro Express (DAMEPL), a subsidiary of Reliance Infrastructure, has won an arbitration against Delhi Metro Rail Corporation (DMRC) of Rs 2950 crore.
The award to the company has been granted on the basis of termination provisions of the Concession Agreement where the arbitration tribunal has held termination by DAMEPL as valid.
The three member arbitration tribunal, formed out of a DMRC nominated panel as per the Concession Agreement in September 2013, gave its award after hearing the case for almost four years.
“Reliance Infrastructure participated in the PPP (public private partnership) model in the metro sector to lead the metro movement in the country through PPP but unfortunately had to terminate the agreement. We welcome the award and hope it will encourage the private sector to participate in the nation building process,” Reliance Infrastructure spokesperson said in a statement.
The company will repay the lender’s debt of Rs 1900 crore from the proceeds to eight public sector banks, while the company will get Rs 1050 crore as it had invested in the SPV.
