Published By: Saurabh Verma
Last Updated: October 30, 2023, 19:54 IST
A 3-member Arbitral Tribunal has dominated that the corporate is entitled to recuperate from the respondent West Bengal Industrial Development Corporation Ltd (WBIDC) a sum of Rs 765.78 crore with curiosity thereon 11 per cent every year from September 1, 2016, until precise restoration thereof. (Photo: IANS)
Tata Motors had to shift its plant to produce small automobile Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land row. Tatas, by then, had already put over Rs 1,000 crore in Singur
Tata Motors on Monday stated an arbitral tribunal has requested the West Bengal Industrial Development Corp to pay the corporate Rs 766 crore compensation in reference to losses incurred on its manufacturing website in Singur.
Tata Motors had to shift its plant to produce small automobile Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land row. Tatas, by then, had already put over Rs 1,000 crore in Singur.
In a regulatory submitting, the auto main stated a 3-member Arbitral Tribunal has dominated that the corporate is entitled to recuperate from the respondent West Bengal Industrial Development Corporation Ltd (WBIDC) a sum of Rs 765.78 crore with curiosity thereon 11 per cent every year from September 1, 2016, until precise restoration thereof. The compensation is in respect to the auto main’s declare of compensation from WBIDC beneath numerous heads, together with the lack of capital investments with regard to the car manufacturing facility at Singur. ”
This is to inform that the aforesaid pending Arbitral proceedings earlier than a 3-member Arbitral Tribunal has now been lastly disposed of by a unanimous award dated October 30, 2023, in favour of Tata Motors,” the Mumbai-based auto main stated.
Tata Motors has additionally been held to be entitled to recuperate from the respondent (WBIDC) a sum of Rs 1 crore in the direction of the price of the proceedings, it added. “With the making of the final arbitral award as mentioned above, the Arbitral proceedings have come to an end,” it added.
In June 2010, Tata Motors inaugurated a brand new plant in Sanand to produce Nano, which it has ceased to promote now. The inauguration happened practically two years after it was pressured to shift the plant out of West Bengal due to the land row.
The Sanand plant was inaugurated by the then-Gujarat Chief Minister Narendra Modi and Tata Group Chairman Ratan Tata.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)
