Tata Motors saw a 2% surge in its shares in early trading on Tuesday following its victory in an arbitral proceedings case against the West Bengal Industrial Development Corporation (WBIDC).
The case revolved around compensation for the halted Tata Nano manufacturing facility in Singur, West Bengal.
The automaker received a substantial arbitral award of ₹765.78 crore, along with interest, as compensation for its investments in the now-scrapped Singur plant.
Tata Motors had to abandon the project, and this award serves as compensation for the loss of capital investments related to the manufacturing facility.
The unanimous award, dated October 30, 2023, concluded the pending arbitral proceedings, favoring Tata Motors in their claim against WBIDC.
