The closed Tata Motors Nano automotive manufacturing facility in Singur. File
| Photo Credit: Reuters
In a serious victory for Tata Motors in the struggle in opposition to West Bengal for cancelling its Nano small automotive undertaking, which pressured the corporate to relocate the undertaking 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 corporate stated in a submitting with inventory exchanges.
“The claimant has also been held to be entitled to recover from the respondent ₹1 crore towards cost of proceedings,” Tata Motors stated.
“With the marking of the final arbitration award as mentioned above, the proceedings have come to an end,” the corporate added.
