On October 30, 2023, an arbitral tribunal ordered the West Bengal Industrial Development Corporation (WBIDC) to pay Tata Motors Rs 766 crore plus interest at 11%. The award is in relation to the Tata Motors’ Singur plant, which was abandoned in 2008 after protests from local farmers.
The tribunal found that the WBIDC had breached its contract with Tata Motors by failing to provide adequate security for the land acquired for the plant. The tribunal also found that the WBIDC had caused Tata Motors to incur losses by its actions.
The award is a significant victory for Tata Motors and could have implications for other companies investing in West Bengal. It is also a reminder of the importance of protecting the rights of investors.
It is important to note that the WBIDC has not yet commented on the award, and it is possible that they will appeal the decision. However, the award is still a positive development for Tata Motors and could help to resolve the long-running Singur saga.