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Informist, Wednesday, Aug. 26, 2026

 

--Tata Power appeal against $490 mln arbitration award in Singapore dismissed 

 

KOLKATA – Tata Power Co. Ltd. Wednesday said the Singapore International Commercial Court has dismissed its challenge regarding arbitration proceedings initiated by Kleros Capital Partners Ltd. against the company. In a filing with the bourses, Tata Power said the court's ruling came Wednesday.

 

Tata Power had challenged arbitral awards dated Jul. 1, 2025, and Aug. 27, 2025, issued in arbitration proceedings initiated by Kleros Capital on Nov. 30, 2020. It had also challenged the Singapore International Arbitration Centre's decision dated Jun. 5, 2025, rejecting the company's challenge to the appointment of two arbitrators who issued the majority award.

 

Wednesday, the Singapore International Commercial Court dismissed Tata Power's challenge. The court held there was no breach of the principles of natural justice or fair hearing by the majority in arriving at the final award. Tata Power has 28 days to appeal against the decision to the Singapore Court of Appeal. The company said it will be filing an appeal within this period.

 

Earlier, in a separate filing with the bourses Nov. 11, Tata Power, in its notes to the September quarter financial results, had said that on Sept. 26, 2023, the Singapore International Arbitration Centre had published a liability award whereby the arbitral tribunal held that the company was in breach of certain clauses of non-disclosure agreements entered into with Kleros Capital. On Jul. 1, 2025, and Aug. 27, 2025, the arbitration centre published a quantum award and final award directing Tata Power to pay Kleros Capital damages for loss of opportunity of $490 million with simple interest of 5.33% from Nov. 30, 2020, and costs of Singapore $11.34 million (about INR 850 million) with simple interest of 5.33% from Jul. 1, 2025.

 

Based on legal advice, Tata Power had filed an appeal on Oct. 23 with the Singapore International Commercial Court to set aside the two awards jointly amounting to nearly $499 million.

 

For the June quarter, Tata Power reported a consolidated net profit of INR 11.76 billion on revenues of INR 190.51 billion. Wednesday, its shares closed at INR 364.00 on the National Stock Exchange, down 1.8% from Tuesday.  End

 

US$1 = INR 95.41

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Avishek Rakshit

Edited by Rajeev Pai

 

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