In September 2023, the arbitral tribunal unanimously held that Tata Power had misused confidential information, circumvented Kleros and breached its contractual duty of good faith.
The tribunal found that Tata Power had made incorrect statements as a result of which Kleros continued dealing with it. However, Tata Power was planning to exclude Kleros and acquire the licence itself.
In July 2025, the tribunal’s majority valued the project at $1.0215 billion. It found that Kleros had lost a 60 percent chance of successfully developing the project.
Tata Power was ordered to pay $490.32 million as damages, besides Kleros’ legal costs of around $8.29 million and interest at 5.33 per cent annually.
Arbitrator AK Ganguli dissented on damages. He found that Tata Power’s breaches did not prevent Kleros from pursuing the project. He said Kleros should instead be awarded $13.5 million as negotiating damages.