Singapore court backs $490 million award against Tata Power
Tata Power just lost a major legal fight against Kleros Capital Partners, tied to their failed team-up on a Russian coal project.
The Singapore International Commercial Court backed a $490 million arbitration award for Kleros, rejecting Tata's claims that the process was unfair.
Kleros accuses Tata Power of misuse
Back in 2013, Tata Power and Kleros planned to bid together on a Russian coal deposit worth $1.1 billion.
Things fell apart over who would lead and own the project, so they split in 2016 after signing a four-year non-disclosure agreement.
Once that expired, Tata Power went solo and won the mining license but later surrendered it after determining that the project was not viable.
Kleros accused Tata of using confidential information to cut them out.
Now the court says Tata must pay up and cover Kleros's legal costs (exact amount still pending).