In a major victory for Tata Motors in the fight against West Bengal for cancelling its Nano small car project, which forced the company to relocate the project to Sanand in Gujarat, a three-member arbitration tribunal has made the final award of ₹765.78 crore to Tata Motors as per its claims.
“In respect of the arbitration proceedings between Tata Motors Ltd [TML] and the West Bengal Industrial Development Corporation Ltd [WBIDC] in relation to TML’s claim of compensation from WBIDC under various heads, on account of loss of capital investments, with regard to automobile manufacturing facility in Singur [West Bengal], 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 favour of TML whereas the claimant [TML] has been held to be entitled to recover from the respondent [WBIDC] a sum of ₹765.78 crore with interest thereon @11% per annum from September 1, 2016 till actual 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 ₹1 crore towards cost of proceedings,” Tata Motors said.
“With the marking of the final arbitration award as mentioned above, the proceedings have come to an end,” the company added.
