New Delhi: The air-conditioner manufacturer Blue Star Ltd announced on Wednesday that WJ Towell & Co LLC of Oman has raised its claim against the company to Rs 461.74 crore in their arbitration at the International Chamber of Commerce. In April of this year, WJ Towell & Co LLC (WJT) initiated arbitration against Blue Star through the International Chamber of Commerce (ICC) seeking OMR 103,18,000 (approximately Rs 223.6 crore) along with 7 pc interest on the total claim, as stated in a regulatory filing by the company. "It was mentioned in the claim received by the company on October 1, 2024, that the claim amount has been adjusted to OMR 2,11,80,748 (around Rs 461.74 crore) along with 7 per cent interest on the total claim amount," the company stated.
Blue Star stated that the allegations made by WJT are groundless, unsupported, based on incorrect information and go against the strong evidence available. The company stated that, according to its evaluation, the statements from WJT will not cause any significant financial harm to them. Blue Star and WJ Towell & Co LLC (WJT) signed a shareholders' agreement on October 1, 2015 to oversee operations of Blue Star Oman Electro Mechanical Company.
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