Tata Motors wins Rs 766 crore plus interest arbitral award in Singur plant case

31 Oct 2023 , 10:49 AM

Tata Motors said on October 30 that it has received an arbitral award of Rs 766 crore plus interest to compensate for its investment in the now-defunct Singur facility. Tata Motors was constructing a facility there to manufacture the ambitious Tata Nano.

According to the submission, the tribunal ruled that Tata Motors can collect Rs 765.78 crore plus interest at an annual rate of 11% from September 1, 2016, until actual recovery from WBIDC. The filing does not specify whether the interest is compounded or simple.

Tata Motors stated that it has received permission to collect Rs 1 crore towards the cost of the proceedings.

Tata Motors was given 1,000 acres of farmland by the West Bengal government to develop a manufacturing factory. However, following strong opposition from local political leaders and farmers, the corporation opted to abandon its plans.

However, the manufacturer already made expenditures on the site by that time. It eventually relocated the manufacturing plant to Sanand, Gujarat.

For feedback and suggestions, write to us at [e-mail]