A Singapore court has authorised the seizure and sale of Tata Power's holdings in two Singapore subsidiaries to enforce an arbitration award in favour of Kleros Capital Partners. According to reports from Business Standard, the Singapore International Commercial Court granted enforcement orders to seize and sell shares held by The Tata Power Company Limited in its Singapore subsidiaries, Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd. The Singapore court's order comes amid a long-drawn-out dispute between the two companies over a coal mining project in Russia dating back to 2013.
The orders follow the SICC's 26 August 2026 dismissal of all applications by Tata Power to set aside the arbitration awards in Kleros' favour, and its subsequent recognition of those awards as judgments of the Singapore Court. As reported by Business Standard, on 1 July 2025, the tribunal issued its award on damages, awarding Kleros $490.32 million plus simple interest of 5.33% per annum. The total debt exceeds $650 million, comprising the principal amount plus interest of approximately $71,600 per day and Kleros's legal costs. The decision was final, binding, payable immediately upon release and globally enforceable.
According to Business Standard, Tata Power shares have fallen over 3.50% following the court announcement. The stock opened at ₹362.95 and has slipped to an intraday low of ₹348.00. The stock is trading 24.40% below its 52-week high of ₹464.90 and 5.48% above its 52-week low of ₹333.20. The company has closed in the green in 7 of the last 10 trading sessions.
According to Business Standard, Tata Power has appealed the SICC's decision, though the appeal does not stay enforcement, and the awards remain final, binding and immediately enforceable. The company has not yet sought a stay of enforcement so far. Meanwhile, Tata Power filed a first information report (FIR) on November 2, 2026 at Mumbai's MRA Marg police station, naming eight accused, including two directors of Kleros, an arbitrator, an expert witness, a litigation funder and two former Tata Power employees. The company alleged that the two former employees forwarded confidential emails and documents to personal accounts and passed on draft legal submissions to Kleros.
The Singapore court's order stems from a long-running dispute between Tata Power and Kleros over a coal mining project in Russia. As reported by Business Standard, in 2013 and 2014, Kleros and Tata Power signed two non-disclosure agreements to explore jointly developing the Krutogorovo coal deposit in the Kamchatka region of eastern Russia. Under those agreements, Kleros shared its confidential business plan and geological intelligence with Tata Power. Kleros alleged that Tata Power misused that confidential information to pursue the project for itself, instead of developing the deposit together. Tata Power excluded Kleros and ultimately secured the mining opportunity in December 2017, but decided to abandon the project in November 2020.
