Anil Ambani-led Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power Limited, has won an international arbitration award of $56 million (₹390 crore) against Prestige Capital Holdings Ltd. (a Seychelles-based company) and Mr. Kokos Jiang.
The arbitration relates to a dispute concerning coal mines in Indonesia. Mr. 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 August 21, 2018, has ordered the respondents jointly and severally to pay $56 million to Reliance Power Netherlands BV, Reliance Power said in a statement.
