Team Blitz India
NEW DELHI: Tata Motors announced that it had won the Singur automobile manufacturing facility case against West Bengal Industrial Development Corporation and will recover a sum of Rs 766 crore with interest.
The case pertained to a compensation claim by Tata Motors Ltd (TML) from West Bengal Industrial Development Corporation Ltd (WBIDC) under various heads, on account of the loss of capital investments, with regard to the Singur facility.
“… this is to inform that the aforesaid pending arbitral proceedings before a three-member arbitral tribunal has now been finally disposed of by a unanimous award dated October 30, 2023, in favour of TML whereby the claimant (TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest thereon at 11% per annum from September 1, 2016, till actual recovery thereof,” a BSE filing said.
“The claimant (TML) has also been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 1 crore towards cost of the proceedings. With the making of the final arbitral award as mentioned above, the arbitral proceedings have come to an end,” it added.