 Online edition of India's National Newspaper Thursday, Jun 23, 2011 ePaper | Mobile/PDA Version |
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NEW DELHI: Tata Steel has received about $130 million (Rs.585 crore) in an arbitration settlement between its U.K. subsidiary and a consortium of buyers that broke an offtake agreement with its Teesside Cast product (TCP) plant in England. Following the termination of the offtake agreement by a consortium of international buyers, Tata Steel last year mothballed the TCP mill and sold the assets to Thailand's largest steel producer Sahaviriya Steel Industries for $469 million early this year. “...a commercial settlement to all disputes relating to the offtake agreement was reached and on June 21, Tata Steel completed a full and final settlement of claims with the consortium of former offtakers ... Tata Steel has received an aggregate sum of about $130 million,” Tata Steel said. The arbitration proceedings were held under the auspices of the ICC International Court of Arbitration. — PTI
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