Tata Power Loses Challenge To $490 Million Arbitration Award
· Business · Economic Times, LiveMint
The Singapore International Commercial Court has rejected Tata Power's challenge to a $490 million arbitration award granted to Kleros Capital Partners. The dispute originated from a 2013 proposal to jointly bid for a Russian coal deposit estimated to hold reserves worth $1.1 billion. Kleros alleged that Tata Power acted in bad faith and misused confidential information after the two companies' partnership soured in 2015. While Tata Power eventually won a mining licence for the site through a Russian subsidiary, the company later surrendered the asset after determining it was not viable. The court upheld the damages and ordered Tata Power to cover the legal costs of Kleros Capital Partners.
Why it matters
The ruling forces Tata Power to pay a significant financial penalty, impacting the company's balance sheet and resolving a long-standing legal dispute over a failed international coal venture.
Read the original report — Economic Times
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