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SKIL Infrastructure issues notice for breach of purchase agreement

Capital Market 

To Reliance Defence Systems and Reliance Infrastructure

SKIL Infrastructure has issued notice to Reliance Defence Systems (RDSPL) and Reliance Infrastructure (R-Infra) towards breach of the Purchase Agreement dated 4 March 2015 entered into with RDSPL & R-Infra (PA) and have claimed losses of sum of Rs. 8,130 crore (Rupees eight thousand one hundred & thirty 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.

Also, the Company & its subsidiary have received Arbitration Notice from RDSPL & R-Infra towards alleged breach of terms & conditions of the PA.

The Company has denied any breach of the said terms & conditions of the PA and has decided to effectively defend itself during the process of Arbitration.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
First Published: Tue, March 06 2018. 09:23 IST

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