In a significant development today, Tata Motors (BO:TAMO) (NYSE:TTM) (TML) announced its victory in the Singur-Nano project dispute against the West Bengal Industrial Development Corporation Limited (WBIDC). The decision came from a three-member Arbitral Tribunal which unanimously granted an Award on Monday, October 30, 2023.
The ruling allows TML to recover Rs 775.78 crore ($10.4 billion), with an annual interest rate of 11% dating back to September 1, 2016. This outcome is a result of the arbitral proceedings that have been underway to resolve the long-standing dispute over TML's investment in the now-defunct Singur plant.
In addition to the principal amount and accumulated interest, Tata Motors will also receive Rs.1 crore ($134,000) as compensation for arbitration proceedings costs. This unanimous arbitral decision marks a significant win for Tata Motors and provides a resolution to the Singur-Nano project dispute that has been ongoing for several years.
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