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A three-member arbitral tribunal unanimously ruled in favour of Tata Motors Ltd with respect to claims for Singur manufacturing unit.
On Monday, the tribunal asked West Bengal Industrial Development to pay Tata Motors Rs 766 crore plus interest at 11%. Tata Motors also said that it is entitled to recover Rs 1 crore from WBIDC for the cost of court proceedings.
“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 whereby Tata Motors has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest thereon @ 11% p.a. from September 1, 2016 till actual recovery thereof. Tata Motors has also been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 1 crore towards cost of the proceedings,” said the automaker in a stock exchange filing.
On Monday, Tata Motors’ scrip on BSE closed 1.8% lower at Rs 629.2.
The automobile company had claimed compensation from WBIDC under various heads, including the loss of capital investments with regard to the automobile manufacturing facility at Singur.
Tata Motors had to shift a manufacturing plant from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land dispute. The plant was set up to produce small car Nano, and Tata Motors had already spent Rs 1,000 crore on the plant.
