The Singapore International Commercial Court has dismissed all challenges by The Tata Power Company Limited against arbitration awards totalling $490.32m in favour of Kleros Capital Partners Limited. This decision mandates Tata Power to pay Kleros a sum now exceeding $640m, including interest and legal costs.
Kleros initiated arbitration proceedings in November 2020 at the Singapore International Arbitration Centre, with a tribunal led by Professor Lawrence Boo. The tribunal found Tata Power guilty of breaching agreements by misusing confidential information and misleading Kleros to benefit from the Krutogorovo project. On 1 July 2025, the tribunal awarded Kleros $490.32m plus interest at 5.33% per annum from 30 November 2020.
The court’s ruling confirms the final and binding nature of the arbitration awards, making them globally enforceable. Kleros is also entitled to legal costs of $6.05m (S$8.29m) and further arbitration costs of approximately $2.19m (S$3m).
This decision underscores the authority of international arbitration and the Singapore court’s role in upholding such awards. Kleros, an investment firm specialising in resource and infrastructure opportunities, stands to benefit significantly from this ruling. The case highlights the importance of adhering to contractual obligations and the potential repercussions of breaches in international agreements.
