Shares of Tata Power Company fell by 1.42% on the Bombay Stock Exchange to ₹365.35 after Investment company Kleros Capital Partners Ltd said the Singapore International Commercial Court has dismissed all applications filed by the former seeking to overturn arbitration awards issued in Kleros’s favour, upholding the awards as final and binding.
Kleros said the ruling requires Tata Power to immediately pay more than $640 million, comprising $490 million in principal damages, interest at 5.33% per annum from November 2020 and Kleros’s legal costs. Interest is currently accruing at about $71,600 a day, it said.
Arbitration dispute dates back to 2020
Kleros began arbitration proceedings against Tata Power at the Singapore International Arbitration Centre (SIAC) in November 2020. The dispute was heard by a three-member arbitral tribunal.
On September 26, 2023, the tribunal unanimously found, according to Kleros, that Tata Power had breached the relevant agreements and its duties of good faith and confidence by allegedly misusing confidential information, circumventing Kleros, making misleading statements and concealing material facts while pursuing the Krutogorovo project.
Tribunal awards damages
The tribunal issued its damages award on July 1, 2025. Kleros said all three arbitrators agreed that Tata Power was required to pay damages, with differences arising only over the method of calculation and the resulting amount.
The majority awarded Kleros $490 million, along with simple interest of 5.33% per annum from November 30, 2020, until the amount is paid.
Awards remain immediately binding
Kleros said the Singapore court’s dismissal of Tata Power’s applications confirms the immediate and final nature of the arbitration awards.
The company said the majority decision is final and binding under international arbitration principles and is payable immediately upon release, with enforcement possible in jurisdictions globally.
The ruling represents the latest development in a dispute that has been under arbitration since 2020, with the damages award now carrying more than five years of accrued interest.