Waaree Energies Limited has been formally notified of an arbitration request filed by Enel Green Power Development S.R.L. The claim, lodged with the International Court of Arbitration (ICC), alleges breaches of a Share Purchase Agreement (SPA) dated January 10, 2025, concerning the sale of ENEL, a wholly-owned subsidiary. Waaree intends to contest these claims vigorously, stating that the final financial impact is not yet ascertainable.
Notice of International Arbitration Proceedings
Waaree Energies Ltd. has disclosed the initiation of arbitration proceedings against the Company by Enel Green Power Development S.R.L. (the Claimant). The notification was received from the Secretariat of the International Court of Arbitration of the International Chamber of Commerce (“ICC”) in London, United Kingdom.
Basis of the Dispute
The arbitration is premised on alleged breaches by the Company concerning the Sale and Purchase Agreement (“SPA”) executed on January 10, 2025. This SPA covered the sale and purchase of the entire share capital of the Company’s wholly-owned subsidiary, Enel Green Power India Private Limited (“ENEL”). The Claimant is seeking damages and compensation for alleged losses resulting from these breaches.
Company’s Stance and Financial Implications
The Company explicitly disputes the allegations and is committed to contesting the claims within the pending arbitration proceedings. At this preliminary stage, the actual financial impact, if any, arising from the potential compensation or penalties is not presently ascertainable, as it depends entirely on the final outcome.
The arbitration notice does specify certain monetary claims against Waaree Energies. The management, in consultation with legal advisors, is currently evaluating these claims and plans to file an appropriate response, including any potential counter-claim, before the arbitral tribunal.
The Company affirms its intention to vigorously defend the matter and utilize all available contractual and legal remedies.
Source: BSE
