Home / Business and Economy / Singapore Court Backs $490M Award Against Tata Power
Singapore Court Backs $490M Award Against Tata Power
27 Aug
Summary
- Singapore court rejected Tata Power's challenge to arbitration award.
- The award is for $490 million concerning a Russian coal asset bid.
- Disputes over leadership and misuse of confidential information.
Singapore's court has rejected Tata Power's challenge to a $490 million arbitration award. The award was granted to Kleros Capital Partners concerning a dispute over a proposed bid for a Russian coal asset.
The legal battle originated in 2013 when Kleros proposed a joint bid for a Russian coal deposit. Disagreements over leadership and ownership structure soured the partnership in 2015.
Kleros later initiated arbitration, alleging Tata Power misused confidential information and acted in bad faith. The court upheld the arbitral award and ordered Tata Power to pay Kleros' legal costs.
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