The investment company Kleros Capital Partners Limited and Squire Patton Boggs today confirmed that the Singapore International Commercial Court (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 US$640 million, comprising principal damages of US$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.
Commenting on the judgement, Barry Stimpson, Partner at Squire Patton Boggs and Counsel for Kleros said: “This judgment fully reinforces the findings in the arbitral awards which are final and immediately enforceable. Kleros entered into agreements with Tata Power to jointly develop the Krutogorovo opportunity and shared confidential business and geological information on that basis. The tribunal unanimously found that Tata Power breached those agreements and its duties of good faith and confidence by misusing that information and excluding Kleros from the project. Tata Power then pursued a series of challenges to the awards, first through SIAC and subsequently before the SICC, and every one of those challenges has now been dismissed. We welcome the Court’s decision, which vindicates Kleros’s position and reinforces the integrity of the arbitral process. Tata Power has yet to pay any part of the award, which now exceeds US$640 million and continues to increase each day. We expect Tata Power to honour the awards without further delay.”
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 US$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.
