September 30, 2022

Adani Energy and Gujarat Urja Vikas Nigam (GUVNL) have reached an out-of-court settlement on a dispute pertaining to termination of energy buy settlement, with the personal energy agency agreeing to forego compensation declare value Rs 11,000 crore towards the electrical energy distribution firm.

Folks within the know of the event mentioned the 2 corporations submitted a joint software within the Supreme Court docket final week looking for disposal of a healing petition filed by GUVNL final 12 months.

Adani Energy didn’t reply to queries despatched by ET. A senior official in Gujarat confirmed deliberations between each the events however declined to supply extra feedback.

As per the settlement software submitted within the Supreme Court docket, Adani Energy has agreed to relinquish its proper to assert compensation. The 2 corporations will work out a brand new tariff for technology and provide of the 1,000-MW electrical energy based mostly on home coal. The events have additionally agreed on the withdrawal of the proceedings pending earlier than the Central Electrical energy Regulatory Fee, the sources mentioned.

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