Abu Dhabi firm wins $4.36m arbitration award
Abu Dhabi, July 1, 2013
Abu Dhabi-based Al Ghurair Iron & Steel (AGIS) has won an arbitration award worth $4.36 million against JSW Steel Limited as a result of a breach of a contract by Ispat Industries (which is now been taken over by JSW Steel Limited).
AGIS, a joint venture between Al Ghurair Group and Nippon Steel & Sumitomo Metal Corporation, Japan, is the first and the only flat steel cold rolling & galvanising complex in the UAE.
In 2008, AGIS had entered into a contract with Ispat Industries Limited (now JSW Steel Limited) to procure hot rolled coils. However, a
dispute arose over the quality of the coils supplied by the then Ispat Industries and the matter was referred to Arbitration in Mumbai, India.
After detailed hearings on the Arbitration proceedings, which commenced in 2010, the Tribunal issued its award in June, 2013 holding that the coils supplied did not meet the specifications and hence the supply of the coils was in breach of the sales contract.
The Tribunal accordingly awarded AGIS $4.36 milllion as full refund of payment made for the hot rolled coils under the sales contract along with interest and costs.
Mumbai-based international law firm Bose & Mitra & Company, a band 1 law firm ranked by Chambers & Partners, were the advocates for AGIS in this Arbitration.
Based in Abu Dhabi, AGIS caters to the requirement of the Mena markets. The firm produces 200,000 MT/annum of galvanised steel sheets and coils and is poised for an expansion to double its capacity to 400,000MT/annum by 2015.-TradeArabia News Service