GMR Power wins Rs 537-cr payment case against TNEB in APTEL
Hyderabad: GMR Power Corporation (GPCL), a subsidiary of GMR Infrastructure Ltd, on Friday said APTEL has ruled in favour of the company in a dispute related to Rs 537-crore payment due against Tamil Nadu Electricity Board (TNEB).
In 2010, Tamil Nadu Electricity Regulatory Commission allowed the company's claims and directed TNEB to pay approximately Rs 480 crore with interest to GMR Power in six equal monthly installments.
Aggrieved by the order, TNEB had filed an appeal before the Appellate Tribunal for Electricity (APTEL).
APTEL, in its judgement on February 28, 2012 dismissed the appeal filed by TNEB and upheld the order of TNERC, a company release said.
"The payment of Rs 537 crore (including interest) received till date by GPCL from TNEB by virtue of interim order of APTEL (dated November 19, 2010) will be retained by GPCL towards settlement of the dues from TNEB," it said.
Shares of GMR Infrastructure today closed at Rs 28.65 on the BSE, up 1.06 percent.