A international tribunal has awarded $672 million (Rs.4,434 crore) to Devas Multimedia Services Ltd for the cancellation of a satellite contract by the Indian space agency arm Anrix Corporation in 2011.
"The International Criminal Court (ICC) tribunal ruled in our favour and found Anrix liable for unlawfully terminating our agreement in February 2011," the city-based company said in a statement here on Tuesday night.
The tribunal awarded damages and pre-award interest totalling $672 million to Devas with post-award interest accruing at 18 percent per annum on the sum until the award is fully paid.
"We are hopeful that Antrix will live up to its legal obligations and pay the award so that this dispute that arose during the prior government can be brought to a swift close," the company said in the statement.
Antrix is a wholly-owned commercial arm of the city-based state-run Indian Space Research Organsiation (ISRO).
The then UPA government cancelled the $300-million (Rs.1,350 crore) Devas-Antrix deal in February 2011 invoking sovereignty and decided to use the advanced satellite (Gsat-6) for strategic use of the country.
Under the annulled deal, Antrix was to lease transponders of GSAT-6 and GSAT-6A to Devas for allowing it to offer digital multimedia services using S-band wavelength (spectrum), reserved for strategic use.
