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1 month ago

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Sembcorp's Indian wind-power unit faces new counterclaim

This brings the total counterclaim amount to approximately $365.4m.

Sembcorp Industries (Sembcorp) announced that in the ongoing arbitration proceedings, Siemens Gamesa Renewable Power Private Limited has filed an additional claim against its indirect, wholly-owned Indian subsidiary, Green Infra Wind Energy Limited (GIWEL), increasing the total counterclaim against the subsidiary.

In a statement, Sembcorp said the vendor has been allowed to amend its counterclaim to include an additional demand of approximately $47.5m on 17 May.

This brings the total counterclaim amount to approximately $365.4m.

GIWEL, after careful evaluation with legal advisors, maintains confidence in defending against this new claim.

“The arbitration is not expected to have any material adverse impact on GIWEL’s financial results, and no provisions have been made in relation to the arbitration,” the group said.

The Sembcorp management has also assessed the probability of the vendor's success in the additional counterclaim as remote.

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