Tata Power shares down after $490 million arbitration ruling in favour of Kleros
The partial ruling, issued by a majority of 2:1, additionally stipulates that simple interest at a rate of 5.33% per year will be applied from November 30, 2020, until the payment is made. Furthermore, Tata Power is required to cover $8.29 million in legal expenses, with the same interest rate starting from July 1, 2025.
The matter involves Kleros Capital Partners Ltd, Tata Power's Russian mining associate, which has asserted that Tata Power violated confidentiality and non-circumvention provisions in their Non-Disclosure Agreement related to a planned coal mining venture in Russia.
In a regulatory filing, the company indicated that it is evaluating the decision and might consider legal avenues to contest it.
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