By Our Financial Correspondent
Mumbai, Oct 31 (IVC) A three-member Arbitration Tribunal here on Oct 30, awarded a compensation of Rs 765.78 crore , and 11 per cent interest besides one crore rupee towards cost of proceedings to Tata Motors Limited (TML) for cancelling its Nano small car project at Singur.
The arbitration proceedings were in between TML and the West Bengal Industrial Development Corporation Ltd (WBIDC) and the Tatas claimed Rs 765.78 crore as compensation .
Following cancellation of license to Tata’s Nano small car project, TML was forced to relocate the project to Sanand (Gujarat).
TML’s claim of compensation from WBIDC was under various heads, on account of loss of capital investments, with regard to automobile manufacturing facility in Singur (West Bengal) and this is to inform that the aforesaid pending arbitration proceedings before a three-member arbitration tribunal has now been finally disposed of by a unanimous award dated October 30, 2023 in favorAAAaaaa of TML.
The claimant has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest there on at 11 per cent per annum from September 01, 2016 till actual date of recovery thereof” the company said in a filing with stock exchanges.
“The claimant has also been held to be entitled to recover from the respondent one crore rupee towards the cost of proceedings, TML said. “ With the marking of the final arbitration award the proceedings have come to an end,” the company added.