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Nissan to close Rs 5,000 cr dispute with TN,settlement pegged at Rs 1,400-Rs 1,800 cr

Nissan Motor Co has agreed to settle a long-running dispute with TN after claiming it was owed Rs 5,000 cr ($660 million) in unpaid dues and damages, six sources told Reuters.

migrator

Updated:29th May, 2020 at 12:16 AM

Chennai

As part of the settlement, the Japanese automaker is to get between Rs 1400 cr ($185 mn) and Rs 1800 cr ($238 mn), two sources aware of the matter said.

The dispute arose after Nissan said TN hadn’t paid certain incentives under a 2008 agreement to set up a car plant in the southern state. Nissan initiated an international arbitration against India in 2016, claiming Rs 2100 cr in unpaid dues and Rs 2900 cr in damages and other costs. TN has been trying to reach a settlement with Nissan for several years.

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Nissan to close Rs 5,000 cr dispute with TN,settlement pegged at Rs 1,400-Rs 1,800 cr

Nissan Motor Co has agreed to settle a long-running dispute with TN after claiming it was owed Rs 5,000 cr ($660 million) in unpaid dues and damages, six sources told Reuters.

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