Home / Business and Economy / Singapore Court Upholds $640M Award Against Tata Power
Singapore Court Upholds $640M Award Against Tata Power
26 Aug
Summary
- Tata Power must pay over $640 million to Kleros Capital Partners.
- Singapore court dismissed all applications to overturn arbitration awards.
- Tribunal found Tata Power breached duties by misusing confidential information.
The Singapore International Commercial Court (SICC) has definitively dismissed all applications filed by The Tata Power Company Limited (Tata Power) to challenge arbitration awards in favor of Kleros Capital Partners Limited (Kleros).
This ruling solidifies the immediate finality and binding nature of the awards. Consequently, Tata Power is now legally compelled to pay Kleros a sum exceeding USD 640 million. This amount includes principal damages of USD 490.32 million and ongoing interest at 5.33% per annum since November 2020, alongside Kleros's legal expenses.
The arbitration, initiated by Kleros in November 2020 at the Singapore International Arbitration Centre (SIAC), concluded with a unanimous tribunal decision on September 26, 2023. The tribunal found Tata Power liable for breaching agreements and duties of good faith. Specific findings included the misuse of confidential information, deliberate circumvention of Kleros, misleading statements, and concealment of facts related to the Krutogorovo project.
On July 1, 2025, the tribunal issued its award on damages. A majority decision from the tribunal granted Kleros USD 490.32 million, plus simple interest at 5.33% per annum from November 30, 2020. This majority decision is immediately payable and enforceable globally, as is standard in international arbitration proceedings.
Key dates in this dispute include the commencement of arbitration in November 2020, the liability award on September 26, 2023, the damages award on July 1, 2025, and the SICC hearing in March 2026. The total financial obligation for Tata Power includes principal damages, daily interest (approximately USD 71,600), and previously ordered legal costs of SGD 8.29 million plus additional arbitration costs nearing SGD 3 million.
