An arbitration panel has ruled in favour of Tata Motors Ltd on 2023-10-30 to recover Rs 766 crore with interest from the West Bengal Industrial Development Corporation (WBIDC) for the Singur-Nano project that the company was forced to scrap.
A three-member arbitral tribunal unanimously held that Tata Motors is entitled to recover Rs 765.8 crore, along with interest at 11% per annum from September 1, 2016 till actual recovery thereof from WBIDC. TML is also allowed to recover Rs 1 crore towards the cost of the proceedings.
The company had claimed compensation from WBIDC on account of the loss of capital investments made to set up an automobile manufacturing facility at Singur.
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* Indian Roadie News
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