Tata Power will appeal to Singapore’s top court after losing its challenge against a $490.32 million arbitration award won by Kleros Capital.

The Singapore International Commercial Court dismissed the company’s challenge on August 26. Tata Power now has 28 days to take the matter to the Singapore Court of Appeal, and it has told stock exchanges it plans to do so.

This case has been running for years. Back in 2013, Kleros approached Tata Power about jointly bidding for a coal deposit in Russia. Both sides signed a confidentiality agreement while they worked out the details.

It fell apart fast. Disputes over ownership and leadership of the bid began in 2015, and by 2016 the two firms had gone separate ways.

Kleros later alleged that Tata Power used the shared confidential information to its own advantage.

After the original agreement lapsed in September 2017, Tata Power’s Russian arm, Far East Natural Resources (FENR), bid for the very same licence and won it in January 2018.

The company held onto it only briefly, surrendering the licence once it decided the project didn’t make commercial sense.

Kleros took the matter to arbitration in November 2020. Its argument: Tata Power’s actions had cost it a real shot at the project.

The tribunal agreed in July 2025, valuing the project at close to $1.02 billion and attributing 60% of that lost value to Kleros. Tata Power was also ordered to pay Kleros’ legal costs, plus interest.

Tata Power had pushed back on multiple grounds, including how two of the arbitrators came to be appointed. None of it held up.

The Singapore court found no breach of natural justice and dismissed the challenge outright.

Separately, on the financial side, Tata Power posted a consolidated net profit of ₹1,176 crore on revenue of ₹19,051 crore for the quarter ended June 30, 2026.

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