Arbitration tribunal asks West Bengal Government to pay Rs766 crore rupees to Tata Motors as compensation in Singur Nano plant case

Arbitration tribunal asks West Bengal Government to pay Rs766 crore rupees to Tata Motors as compensation in Singur Nano plant case

• An arbitral tribunal has asked West Bengal Industrial Development Corp (WBIDC) to pay Tata Motors 766 crore rupees compensation in connection with losses incurred on its manufacturing site in Singur. Tata Motors had to shift its plant to produce small car Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 due to a land row. Tatas, by then, had already put over 1,000 crore rupees in Singur.
• In a regulatory filing, Tata Motors said, a three-member Arbitral Tribunal has ruled that the company is entitled to recover from West Bengal Industrial Development Corporation a sum of 765.78 crore with interest of 11 percent per annum from September 1, 2016, till actual recovery.
• Tata Motors has also been held entitled to recover from the WBIDC a sum of 1 crore rupees towards the cost of the proceedings.
• In June 2010, Tata Motors inaugurated a new plant in Sanand to produce Nano car. The inauguration took place nearly two years after it was forced to shift the plant out of West Bengal due to the land row.

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Published date : 31 Oct 2023 03:49PM