Tata Motors, on Monday, mentioned an arbitral tribunal has requested the West Bengal Industrial Growth Corp to pay the corporate Rs 766 crore compensation in reference to losses incurred on its manufacturing web site in Singur.
Tata Motors needed to shift its plant to provide small automotive Nano from Singur in West Bengal to Sanand in Gujarat in October 2008 on account of a land row. Tatas, by then, had already put over Rs 1,000 crore in Singur.
In a regulatory submitting, the auto main mentioned a three-member Arbitral Tribunal has dominated that the corporate is entitled to get well from the respondent West Bengal Industrial Growth Company Ltd (WBIDC) a sum of Rs 765.78 crore with curiosity thereon 11 per cent each year from September 1, 2016, until precise restoration thereof.
The compensation is in respect to the auto main’s declare of compensation from WBIDC beneath numerous heads, together with the lack of capital investments with regard to the car manufacturing facility at Singur.
“That is to tell that the aforesaid pending Arbitral proceedings earlier than a three-member Arbitral Tribunal has now been lastly disposed of by a unanimous award dated October 30, 2023, in favour of Tata Motors,” the Mumbai-based auto main mentioned.
Tata Motors has additionally been held to be entitled to get well from the respondent (WBIDC) a sum of Rs 1 crore in the direction of the price of the proceedings, it added.
“With the making of the ultimate arbitral award as talked about above, the Arbitral proceedings have come to an finish,” it added.
In June 2010, Tata Motors inaugurated a brand new plant in Sanand to provide Nano, which it has ceased to promote now.
The inauguration befell practically two years after it was pressured to shift the plant out of West Bengal as a result of land row.
The Sanand plant was inaugurated by the then-Gujarat Chief Minister Narendra Modi and Tata Group Chairman Ratan Tata.
