India News | Nano Car Plant: Tata Motors Wins Arbitral Proceedings Against WBIDC
Get latest articles and stories on India at LatestLY. Tata Motors on Monday said that it has won the arbitral proceedings against West Bengal Industrial Development Corporation (WBIDC) on account of the loss of capital in investments made in the abandoned car manufacturing plant at Singur.
Kolkata, Oct 30 (PTI) Tata Motors on Monday said that it has won the arbitral proceedings against West Bengal Industrial Development Corporation (WBIDC) on account of the loss of capital in investments made in the abandoned car manufacturing plant at Singur.
Following stiff resistance by the Trinamool Congress led by then opposition leader Mamata Banerjee alleging forcible acquisition of farmland, Tata Motors announced pulling out of the Singur plant set up to manufacture 'Nano' car in 2008.
Also Read | Stubble-Burning Drop by 56% in Punjab, 40% in Haryana in 2023, Shows Data.
In the regulatory filing, the company said, "In respect of arbitration proceedings between Tata Motors Limited (TML) and WBIDC, this is to inform that the aforesaid pending arbitral proceedings before a three-member Arbitral Tribunal has now been finally disposed of in favour of TML on October 30, 2023, and the company has been held to recover Rs 765.78 crore plus interest from WBIDC".
With the making of the final tribunal award, the arbitral proceedings have come to an end, the company said. PTI dc
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)