Tata Power shares in two Singapore-based subsidiaries could be seized and sold after the Singapore International Commercial Court authorised enforcement of an arbitration-related judgment debt exceeding $650 million, according to a statement issued by Kleros Capital Partners and reported by The Hindu BusinessLine.
The enforcement orders authorise the Sheriff of the Singapore Courts to seize and sell Tata Power’s shareholdings in Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd. The proceeds would be used to satisfy the judgment debt in favour of 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 those awards as judgments, enabling Kleros to begin enforcement proceedings.
Tata Power has appealed against the SICC’s decision. Kleros said the appeal does not automatically stay enforcement and that, as of November 6, Tata Power had not sought a stay. The supplied report does not state whether the court has set a date for the proposed seizure or sale of the shares.
The dispute arises from Tata Power’s earlier involvement in the Krutogorovo coal deposit in Russia’s Kamchatka region. Kleros and Tata Power entered into two agreements in 2013 and 2014 to jointly explore development of the deposit.
Kleros initiated arbitration proceedings at the Singapore International Arbitration Centre 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, equivalent to around ₹4,658 crore, along with simple interest at 5.33% annually from November 30, 2020, until payment. Kleros said the outstanding amount has since risen above $650 million, or approximately ₹6,113 crore, after including principal damages, accrued interest and costs.
The firm said the interest component alone is increasing by about $71,600, or nearly ₹68 lakh, each day. It also said Tata Power had not paid any part of the amounts awarded under the arbitration proceedings.
The possible sale concerns shareholdings held through Tata Power’s Singapore-linked corporate structure rather than an announced sale of the company’s publicly traded shares on Indian stock exchanges. The enforcement action nevertheless places a cross-border asset and legal obligation at the centre of a dispute involving a major Indian power company and an infrastructure-related overseas project.
Tata Power’s appeal against the August 26 decision remains a separate legal proceeding. The immediate next step is the continuation of enforcement proceedings in Singapore, subject to any application or order seeking a stay of enforcement.
