Delhi HC upholds Rs 1.15 billion arbitration award for BHEL in RattanIndia dispute

The Delhi High Court has upheld a Rs 1.15 billion arbitration award in favor of Bharat Heavy Electricals Limited (BHEL) in a dispute with RattanIndia Power Limited over the Nasik Thermal Power Project Phase I. 

The ruling, delivered on March 6, 2025, reinforces BHEL’s claim, including an 18% annual interest from 30 days after the original award date of July 27, 2017.

The project, implemented by RattanIndia Nasik Power Limited (RNPL), a special purpose vehicle (SPV) of RattanIndia Power Limited, is located in Sinnar, Nasik district, Maharashtra. Developed at an investment of Rs 98.18 billion, it involved setting up five units of 270 MW each under Phase I, which was commissioned in May 2017.

BHEL disclosed the court’s decision in a regulatory filing, stating that the interim award had been upheld.