Was it defrauded by India for 8.8 billion yuan and then claimed 2.1 billion yuan in compensation? Shanghai Electric Statement: Serious Distortion of Facts India Reliance | Shanghai | Electric
Recently, self media released information claiming that "Shanghai Electric was defrauded by India for 8.8 billion yuan and claimed 2.1 billion yuan in compensation." In response, Shanghai Electric's official website issued a statement stating that the relevant reports seriously distorted the facts.
In 2008, Shanghai Electric, as the main equipment and service supplier for the Sassoon Power Station project in India, signed an Equipment Supply and Service Contract with a contract amount of 1.311 billion US dollars. The statement states that the power plant project was put into commercial operation in 2015 and the operation of the power plant is in good condition. Shanghai Electric has received nearly 90% of the payment for this project, and has initiated arbitration for the remaining payment that has not yet been received. The arbitration has won and entered the execution stage. And the Mumbai court in India has dismissed the lawsuit filed by Indian Reliance against Shanghai Electric for a claim of approximately 2.1 billion RMB in 2022.