Supreme Court Grants Relief To Vedanta, Videocon In Ravva Oil Field Case

In a major setback for the government, the Supreme Court on Wednesday upheld a foreign arbitration award in favour of Vadanta and Videocon for the development of the Ravva oil and gas fields off the coast of Andhra Pradesh between 2000 and 2007. The ruling allowed the companies to recover $499 million for the project, an amount that was capped at $198 million by the centre, dismissing the government's appeal against the foreign arbit...