Tata Power could face the seizure and sale of its shareholdings in two Singapore-based subsidiaries after the Singapore International Commercial Court (SICC) granted enforcement orders in favour of Kleros Capital Partners, seeking to recover an arbitration award exceeding $650 million (around ₹6,113 crore), according to a statement issued by Kleros on Friday.
The enforcement orders authorise the Sheriff of the Singapore Courts to seize and sell Tata Power’s shares in Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd. to satisfy the judgment debt, stated Kleros, a British Virgin Islands-incorporated investment advisory firm focused on resource and infrastructure opportunities across Europe and Asia. The development follows the SICC’s dismissal on August 26, 2026, of Tata Power’s applications to set aside arbitration awards issued in Kleros’s favour. The Singapore court subsequently recognised the awards as judgments, paving the way for enforcement proceedings.
Tata Power has appealed against the SICC’s decision. However, Kleros said the appeal does not automatically stay enforcement and that Tata Power has not sought a stay as of November 6. The dispute relates to the Krutogorovo coal deposit in Russia’s Kamchatka region. Kleros and Tata Power had entered into two agreements in 2013 and 2014 to jointly explore the development of the coal deposit.
Kleros initiated arbitration proceedings at the Singapore International Arbitration Centre (SIAC) in November 2020. In September 2023, a three-member arbitral tribunal unanimously held Tata Power liable for breaching the agreements and duties of good faith and confidence, according to Kleros. The tribunal found that Tata Power had misused confidential information and pursued the project independently, bypassing its contractual partner. On July 1, 2025, the tribunal awarded Kleros damages of $490.32 million (around ₹4,658 crore), along with simple interest of 5.33% annually from November 30, 2020, until payment.
Kleros said the outstanding amount has now exceeded $650 million (around ₹6,113 crore), including principal damages, accrued interest and costs. The interest component alone is accruing at approximately $71,600 (around ₹68 lakh) a day, it said. The company also said Tata Power had not paid any part of the amounts awarded under the arbitration proceedings. Tata Power’s appeal against the August 26 decision remains a separate legal proceeding.
Published on November 6, 2026
