Nikhil Gandhi-led SKIL Infrastructure Limited (SKIL Infra) has issued notice to Anil Ambani-led Reliance Infrastructure (RInfra) and Reliance Defence Systems Pvt. Ltd (RDSPL) claiming losses of ₹8,310 crore and breach of a purchase agreement signed in 2015.
“The company has issued notice to RDSPL and R-Infra towards breach of the purchase agreement dated 4th March 2015 entered into with RDSPL & R-Infra (PA) and have claimed losses of sum of ₹8,130 crore, and with a further right to claim, failing which the company shall address the issue by way of arbitration mechanism to recover its dues,” said SKIL Infra.
The notice was issued after Rinfra served an arbitration notice on founder-promoters of Pipavav Defence and Engineering Limited (PDEL), seeking indemnity of ₹5,440 crore for breach of warranties under a purchase agreement.
Responding to the notice from Anil Ambani firms, SKIL Infra said: “We hereby also inform you that the company and its subsidiary have received arbitration notice from RDSPL & R-Infra towards alleged breach of terms and conditions of the purchase agreement. The company has denied any breach of the said terms and conditions of the purchase agreement and has decided to effectively defend itself during the process of arbitration.”
SKIL Infra shares closed down 5% at ₹35.4 while R-Infra shares closed almost flat at ₹433.9 in a weak Mumbai market on Tuesday.
