Vedanta, Videocon can recover $499 mn arbitration award from govt: SC

Supreme Court has ruled that Vedanta and Videocon Industries are entitled to recover a $499-million arbitration award from the government for developing Rajasthan's Ravva oil fields. The government argued that recovery can't be more than $198.5 million as per the production-sharing contract. Cairn India, later acquired by Vedanta, won an arbitration award in Malaysia for higher recoveries in 2011.