Tata Power says stake in Singapore arms pledged with lenders amid $650 million dispute: Report
The dispute stems from a long-running legal battle with British Virgin Islands-based Kleros Capital Partners Limited originating from a 2013 Russian coal project. With principal damages, legal costs, and accumulating daily interest, the total liability has crossed $650 million.
- Nov 12, 2026,
- Updated Nov 12, 2026 9:03 AM IST
Tata Power has clarified that shares in two of its key Singapore-based subsidiaries are pledged with lenders, complicating immediate enforcement actions following a Singapore High Court order, according to a report in The Times of India.
The development follows court-appointed authorities serving attachment notices regarding the company's holdings in Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd. to recover a mounting arbitration award.
The dispute stems from a long-running legal battle with British Virgin Islands-based Kleros Capital Partners Limited originating from a 2013 Russian coal project. With principal damages, legal costs, and accumulating daily interest, the total liability has crossed $650 million.
Following the Singapore International Commercial Court's (SICC) dismissal of Tata Power’s set-aside applications, enforcement proceedings were greenlit. However, Tata Power management noted that any potential share-sale process managed by court authorities would take months, as the awardee must first navigate the existing bank pledges and appoint independent valuers.
The company maintains that it retains full control over the operational and financial policies of the subsidiaries while continuing to enjoy their economic benefits. Tata Power has filed an appeal before the Singapore Court of Appeal, with hearings scheduled for January 19, 2027, and intends to seek a formal deferment of any asset sale pending the outcome.
Tata Power has tapped a clean-energy insider to helm its next phase of growth, setting the stage for a major leadership handover in 2027. The power utility announced that its board of directors approved the appointment of Sanjay Banga as an additional director and Chief Executive Officer (CEO) designate. The move took immediate effect following the board's meeting on November 11.
Banga will formally assume the roles of CEO and Managing Director on May 1, 2027. He is set to serve a five-year term running through April 30, 2032, subject to shareholder approval. Currently leading the conglomerate's green pivot, Banga serves as President – Renewables at Tata Power alongside his role as CEO and Managing Director of Tata Power Renewable Energy Limited (TPREL).
Tata Power has clarified that shares in two of its key Singapore-based subsidiaries are pledged with lenders, complicating immediate enforcement actions following a Singapore High Court order, according to a report in The Times of India.
The development follows court-appointed authorities serving attachment notices regarding the company's holdings in Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd. to recover a mounting arbitration award.
The dispute stems from a long-running legal battle with British Virgin Islands-based Kleros Capital Partners Limited originating from a 2013 Russian coal project. With principal damages, legal costs, and accumulating daily interest, the total liability has crossed $650 million.
Following the Singapore International Commercial Court's (SICC) dismissal of Tata Power’s set-aside applications, enforcement proceedings were greenlit. However, Tata Power management noted that any potential share-sale process managed by court authorities would take months, as the awardee must first navigate the existing bank pledges and appoint independent valuers.
The company maintains that it retains full control over the operational and financial policies of the subsidiaries while continuing to enjoy their economic benefits. Tata Power has filed an appeal before the Singapore Court of Appeal, with hearings scheduled for January 19, 2027, and intends to seek a formal deferment of any asset sale pending the outcome.
Tata Power has tapped a clean-energy insider to helm its next phase of growth, setting the stage for a major leadership handover in 2027. The power utility announced that its board of directors approved the appointment of Sanjay Banga as an additional director and Chief Executive Officer (CEO) designate. The move took immediate effect following the board's meeting on November 11.
Banga will formally assume the roles of CEO and Managing Director on May 1, 2027. He is set to serve a five-year term running through April 30, 2032, subject to shareholder approval. Currently leading the conglomerate's green pivot, Banga serves as President – Renewables at Tata Power alongside his role as CEO and Managing Director of Tata Power Renewable Energy Limited (TPREL).