Singapore court dismisses all of Tata Power's challenges to USD 490 million arbitration awards in favour of Kleros

SINGAPORE, Aug. 26, 2026 /PRNewswire/ -- The investment company Kleros Capital Partners Limited ("Kleros") today confirmed that the Singapore International Commercial Court (the "SICC") has dismissed every application brought by The Tata Power Company Limited ("Tata Power") to overturn the arbitration awards issued in Kleros's favour. The ruling confirms and upholds the immediate final and binding nature of the awards. As a result, Tata Power is required immediately to pay Kleros a sum now exceeding USD 640 million, comprising principal damages of USD 490.32 million plus interest accruing at 5.33% per annum since November 2020, currently around USD 71,600 every day, together with Kleros's legal costs.

Kleros began arbitration in November 2020 at the Singapore International Arbitration Centre ("SIAC"), one of the world's leading institutions for resolving international commercial disputes. The case was heard by a three-member tribunal: Professor Lawrence Boo (presiding), Mr Stuart Isaacs KC, and Mr Amal K. Ganguli, a Senior Advocate and retired Judge of the Supreme Court of India. On 26 September 2023, the tribunal unanimously found that Tata Power had breached the Agreements and its duties of good faith and confidence by misusing confidential information, deliberately circumventing Kleros, making misleading statements, and concealing material facts in order to pursue the Krutogorovo project for its own benefit.

On 1 July 2025, the tribunal issued its award on damages. All three arbitrators agreed that Tata Power had to pay; they differed only on the method of calculation and the amount. The majority, Professor Boo and Mr Isaacs KC, awarded Kleros USD 490.32 million plus simple interest of 5.33% per annum from 30 November 2020 until payment. As is standard in international arbitration, the majority's decision is final and binding, payable immediately upon release, and globally enforceable.

Notes to editors

SIAC — the Singapore International Arbitration Centre is the institution that administered the arbitration and appointed the tribunal. SICC, the Singapore International Commercial Court, is the court that heard, and has now dismissed, Tata Power's challenges to the awards.

Key dates: arbitration commenced November 2020; liability award 26 September 2023; damages (quantum) award 1 July 2025; SICC hearing March 2026.

Figures: principal damages USD 490.32 million; interest at 5.33% per annum from 30 November 2020 (approximately USD 71,600 per day); legal costs of SGD 8.29 million previously ordered in Kleros's favour, plus further arbitration costs of approximately SGD 3 million.

About Kleros Capital Partners

Kleros Capital Partners Limited is an investment firm focused on identifying and developing large-scale resource and infrastructure opportunities.