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Singapore Court Dismisses Tata Power's Challenges to $490 Million Arbitration Awards

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A Singapore court has dismissed all of The Tata Power Company's (NSE:TATAPOWER, BOM:500400) challenges to $490 million arbitration awards in favor of investment company Kleros Capital Partners, according to a statement from Kleros on Wednesday.

The Singapore International Commercial Court rejected Tata Power's challenge to the amount of the damages awarded to Kleros Capital Partners.

Following the ruling, Tata Power is required to immediately pay Kleros over $640 million, including principal damages of $490.32 million plus interest accruing at 5.33% per annum since November 2020, currently around $71,600 every day, together with Kleros's legal costs.

The legal battle originated from a 2020 arbitration filing in which Kleros accused the Indian company of violating an agreement related to bidding for a Russian coal asset.

In response to the judgment, Tata Power said it will file an appeal against the decision within the prescribed 28-day window.

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