Oman's WJ Towell & Co LLC increases arbitration claim against Blue Star Ltd to INR 461.74 crore.

Blue Star Ltd, an air-conditioner manufacturer, faces an increased arbitration claim from Oman’s WJ Towell & Co LLC, now totaling INR 461.74 crore (about $62.6 million), up from INR 223.6 crore. Originally filed in April, WJ Towell’s claim includes a 7% interest. Blue Star calls the claims frivolous and believes they won't significantly impact its finances. The companies entered a shareholders' agreement in 2015 for Blue Star Oman Electro Mechanical Company.

October 02, 2024
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