New Delhi: Tata Motors has been held to be entitled to recover from West Bengal a sum of Rs 765.78 crore with interest thereon at 11 per cent per annum from September 1, 2016 till actual recovery.
“In respect of the arbitration proceedings between Tata Motors Limited (TML) and West Bengal Industrial Development Corporation Limited (WBIDC), in relation to TML’s claim of compensation from WBIDC under various heads, on account of the loss of capital investments, with regard to the automobile manufacturing facility at Singur (West Bengal), this is to inform that the aforesaid pending Arbitral proceedings before a three-member Arbitral Tribunal has now been finally disposed of by a unanimous Award dated October 30, 2023 in favour of TML,” Tata Motors said in a filing.
The claimant (TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest thereon @ 11 per cent p.a. from September 1, 2016 till actual recovery thereof.
The claimant has also been held to be entitled to recover from the respondent a sum of Rs 1 crore towards cost of the proceedings.
With the making of the final arbitral award as mentioned above, the arbitral proceedings have come to an end, Tata Motors said.
–IANS