Big victory for Tata Motors in Singur-Nano project case, Bengal government will give compensation of Rs 766 crore.

Tata Motors has won the compensation case in the Singur-Nano project. The company on Monday said an arbitration panel has ruled in its favor to recover Rs 766 crore including interest from West Bengal Industrial Development Corporation (WBIDC) in the Singur-Nano project case. Let us understand the complete information related to the case.

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what is the whole matter

Tata Motors had announced in 2006 to set up a plant to make “Nano” cars in Singur. The West Bengal government had allotted about 1,000 acres of agricultural land to Tata Motors to build a manufacturing plant. A fast unto death was started in Kolkata in 2006 against land acquisition regarding the Singur project. After strong opposition from political leaders and farmers, the company decided to cancel its plans. Due to which Ratan Tata announced to take out the Nano project from Singur.

Project shifted to Sanand, Gujarat

Tata Motors commissioned a new plant in Sanand to manufacture its small car Nano in June 2010 after the closure of the Singur project. Ratan Tata launched his dream car Tata Nano in the year 2008 keeping in mind the middle class of the country. This Indian car is one of the cheapest cars in history.

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Compensation of Rs 766 crore

Tata Motors said in the information given that the three-member arbitration tribunal has ruled in its favor. The company is entitled to recover Rs 765.78 crore from the defendant West Bengal Industrial Development Corporation Limited (WBIDC) with interest at 11 per cent per annum with effect from September 1, 2016.