Vedanta Wins Case Towards India for $499 Million Award Declare

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Vedanta VP Aarti Raghavan Says India Stressed Deals To Slow

Photographer: Kanishka Sonthalia/Bloomberg

India’s high court docket dominated that Vedanta Ltd. is entitled to get well a $499 million arbitration award from the federal authorities for creating oil and gasoline fields in India’s Rajasthan state.

The Supreme Court docket on Wednesday rejected the Indian authorities’s petition, which had stated that billionaire Anil Agarwal’s firm, together with Videocon Industries Ltd., is entitled to get well solely $198.5 million as agreed within the production-sharing contract for the Ravva oil and gasoline fields.

Cairn India Ltd., which was later acquired by Vedanta, had in 2011 gained an arbitration award in Malaysia for larger recoveries and sought its enforcement in India. The corporate gained a case for enforcement in a excessive court docket however the federal authorities appealed within the nation’s high court docket saying the declare was towards the Indian regulation.

The highest court docket stated it will probably’t re-examine proof recorded by a international arbitration tribunal and the enforcement of the award in favor of Vedanta gained’t be opposite to India’s public coverage, as claimed by the federal authorities.


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Upmanyu Trivedi

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