Tata Motors said the company has won the arbitral proceedings against West Bengal Industrial Development Corporation (WBIDC) in the Singur Nano plant case. The Tata Motors, in its regulatory filing, said the Arbitral Tribunal has instructed the West Bengal Industrial Development Corporation to pay Rs 766 crore.
“On account of the loss of capital investments, with regard to the automobile manufacturing facility at Singur (West Bengal), this is to inform that the aforesaid pending Arbitral proceedings before a three-member Arbitral Tribunal have now been finally disposed of by a unanimous Award dated October 30, 2023 in favour of TML, whereby the claimant (TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest thereon @ 11 per cent per annum from September 1, 2016, till actual recovery thereof,” the company noted in its filing.
The Tata Nano Singur controversy erupted when Trinamool Congress (TMC), protested against the land acquisition for a proposed Tata Motors automobile factory at Singur in Hooghly district. Amid widespread and unrelenting protests by the TMC, which was then in the Opposition, Tata Motors decided to move the automobile plant to Sanand in Gujarat in 2008.
(with inputs from ANI)