Tata Power shares held in two Singapore-based subsidiaries face seizure and sale under enforcement orders issued by the Singapore International Commercial Court in a dispute with Kleros Capital Partners, according to an announcement by the British Virgin Islands-incorporated investment firm. Kleros says the action is aimed at recovering more than $650 million arising from arbitration awards linked to a coal project in Russia.
The orders empower the Sheriff of the Singapore courts to seize and sell Tata Power’s shareholdings in Bhira Investments and Tata Power International, Kleros said. Tata Power has appealed the Singapore International Commercial Court’s August ruling before the Singapore Court of Appeal. The appeal remains pending.
Kleros said the appeal does not automatically suspend enforcement proceedings and that Tata Power “has not sought a stay of enforcement”. On that basis, the investment firm said the arbitration awards remain “final, binding and immediately enforceable” under Singapore law. Tata Power has not provided a further comment in the material supplied for this report. At the company’s annual general meeting in July, chairman N Chandrasekaran said the case remained under appeal and declined to comment further.
The dispute originates from agreements signed by Kleros and Tata Power in 2013 and 2014 to explore the joint development of the Krutogorovo coal deposit in Russia’s Kamchatka region. Kleros later alleged that Tata Power used confidential information obtained through those agreements to pursue the deposit independently.
Kleros initiated arbitration proceedings in Singapore in November 2020. In September 2023, a three-member tribunal constituted under the Singapore International Arbitration Centre ruled unanimously that Tata Power had breached its contractual obligations. The tribunal found that Tata Power had misused confidential information, circumvented Kleros and concealed material facts while pursuing the coal project independently, according to the report.
In July 2025, the tribunal awarded Kleros $490 million in damages. With interest and costs, the amount claimed has since risen above $650 million. Kleros said interest continues to accrue at approximately $71,600 a day.
The SICC’s August decision dismissed Tata Power’s challenges to the July 2025 SIAC awards. Those challenges included objections to the appointment of two arbitrators who took part in the majority decision that formed the basis of the final award. The court held that the tribunal’s conduct did not breach natural justice or the fair-hearing rule, Kleros said.
The assets targeted by the enforcement order are connected to Tata Power’s international investment structure. Bhira Investments holds the company’s Indonesian coal-mining interests, including a 30% stake in PT Kaltim Prima Coal. Tata Power International functions as the utility’s overseas investment holding vehicle.
The next stage will depend on Tata Power’s appeal before the Singapore Court of Appeal and the enforcement process authorised by the SICC. The case remains one of the largest arbitration-related claims reported against an Indian corporate entity.
