Tata Motors on Monday said that the company has won the arbitral proceedings against West Bengal Industrial Development Corporation (WBIDC) in Nano’s scrapped Singur plant case. The company had moved court on account of the loss of capital in investments made in the abandoned car manufacturing plant at Singur.
Tata Motors had to announce pulling out of the Singur plant set up to manufacture 'Nano' car in 2008 following a stiff resistance by the Trinamool Congress led by then opposition leader Mamata Banerjee alleging forcible acquisition of farmland.
Tata Motors Limited to get Rs 765.78 crore plus interest
"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," the company said in the regulatory filing.
With the making of the final tribunal award, the arbitral proceedings have come to an end, the company said.
Ratan Tata emotionally attached to Nano project
Last year Ratan Tata himself took to Instagram and shared the real reason why he came up with the idea of producing a cheap car.
Sharing a picture from the launch of the car, Tata said, "What really motivated me, and sparked a desire to produce such a vehicle, was constantly seeing Indian families on scooters, maybe the child sandwiched between the mother and father, riding to wherever they were going, often on slippery roads."
Also read: Ratan Tata shares real reason behind launching Nano; netizens call him 'Legend'
