Anil Ambani-founded Reliance Infrastructure Ltd. agreed to put to rest a years-long dispute with Adani Electricity Mumbai Ltd. and Adani Energy Solutions Ltd.
The companies agreed to settle disputes and withdraw arbitration claims against each other as mutually agreed on Sept. 17, Reliance Infra said in an exchange filing on Wednesday. There is no monetary consideration exchanged between the parties.
All parties involved have waived the respective claims against the other, it said. "As the claims and counterclaims are contingent, there is no impact on the financial position of the company."
The dispute was with regard to "breach of the terms" of the share purchase agreement in December 2017, relating to transfer of Mumbai Power Business to AESL.
Adani Transmission had earlier dismissed arbitration claims raised by the then Anil Ambani-controlled Reliance Infrastructure on the December 2017 deal, where it acquired the latter's power transmission business.
Reliance Infrastructure's stock rose as much as 7.9% during the day to Rs 254.3 apiece on the NSE, after the company announced its debt reduction to Rs 475 crore from Rs 3,831 crore earlier.
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