The dispute arose from two non-disclosure agreements entered into by Tata Power and Kleros in 2013 and 2014.
Kleros had approached Tata Power as a potential co-investor in a project to extract coal from the Krutogorovo deposit in Russia.
Kleros alleged that it shared confidential information about the deposit and the auction process for obtaining a mining licence.
The agreements required Tata Power to maintain confidentiality and prohibited it from circumventing Kleros’ economic interests.
Tata Power eventually obtained the mining licence through its Russian subsidiary, FENR, in January 2018.
The dispute arose from two non-disclosure agreements entered into by Tata Power and Kleros in 2013 and 2014. Kleros had approached Tata Power as a potential co-investor in a project to extract coal from the Krutogorovo deposit in Russia.
Kleros alleged that it shared confidential information about the deposit and the auction process for obtaining a mining licence. The agreements required Tata Power to maintain confidentiality and prohibited it from circumventing Kleros’ economic interests.
The relationship later deteriorated over questions concerning control of the project and equity participation. Tata Power eventually obtained the mining licence through its Russian subsidiary, FENR, in January 2018. It later found the project unviable and surrendered the licence in 2022.
Kleros commenced arbitration under the Singapore International Arbitration Centre Rules in November 2020.
