Tata Power Asked To Pay $498.6 Million Damages To Kleros By Singapore Tribunal

Tata Power Ltd. said Thursday the Singapore International Arbitration Centre has directed it to pay $498.61 million in damages to Kleros Capital Partners Ltd. over a dispute linked to a proposed coal mining project in Russia.

The arbitral award, received by Tata Power on Tuesday evening, stems from proceedings initiated by Kleros in November 2020. Kleros had alleged Tata Power breached confidentiality and non-circumvention clauses in a non-disclosure agreement. The damages awarded are significantly lower than Kleros' earlier claims, which ranged from $5.25 billion to $20 billion.

In its ruling, the tribunal also directed Tata Power to pay 5.33% interest on $490.3 million from November 30, 2020, until payment, and on $82.89 million from July 1, 2025.

Tata Power said it is reviewing the ruling and may explore legal options to challenge it.