Business News: Reliance Infrastructure Ltd., founded by Anil Ambani, has settled a long-standing dispute with Adani Electricity Mumbai Ltd. and Adani Energy Solutions Ltd. The companies reached an agreement on September 17 to resolve their disputes and withdraw all arbitration claims against each other, according to a filing by Reliance Infra. Importantly, no monetary exchange took place between the parties as part of this settlement.

All parties involved have waived their respective claims, and Reliance Infra stated that this will have no impact on its financial position, as the claims were contingent. The dispute revolved around a “breach of the terms” of the share purchase agreement from December 2017, which concerned the transfer of the Mumbai Power Business to AESL.

Adani Transmission had previously dismissed arbitration claims made by Reliance Infrastructure over this 2017 deal, where Adani acquired Reliance’s power transmission business.

Following the announcement, Reliance Infrastructure’s stock surged by 7.9% on the NSE to Rs 254.3 per share. This rise in stock price coincided with the company’s announcement of a significant debt reduction, bringing its debt down from Rs 3,831 crore to Rs 475 crore.