Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power has won an international arbitration award of USD 56 million ( Rs 3.90 billion) against Prestige Capital Holdings (a Seychelles based Company) and Kokos Jiang (collectively the Respondents).

Kokos Jiang is the owner of Sugico Group in Indonesia from whom Reliance Power Limited had acquired the entire economic interest in three coal mining concessions in Indonesia in 2010. These mining concessions have total coal resources of around 1.5 billion tonnes with potential to produce up to 30 million tonnes of coal per annum.

The Arbitration Tribunal constituted under Singapore International Arbitration Centre (SIAC) rules in Singapore, in its award on Aug. 21, 2018, has ordered the Respondents jointly and severally to pay USD 56 million (Rs 3.90 billion) to Reliance Power Netherlands BV. 

Shares of the company gained Rs 0.6, or 1.78%, to trade at Rs 34.30. The total volume of shares traded was 524,075 at the BSE (10.16 a.m., Thursday).