Devas Multimedia Private Limited (India) v Antrix Corporation Limited (India) - ICC Arbitration Case No 18051-CYK - Award - 14 September 2015
ICC International Court Of Arbitration Case No 18051-CYK
Devas Multimedia Private Limited (India) V Antrix Corporation Limited (India)
This document is an original of the Final Award rendered in conformity with the Rules of Arbitration of the ICC International Court of Arbitration.
401. For the foregoing reasons the tribunal unanimously finds and awards as follows:
a. the tribunal has jurisdiction to hear and decide the claims in this arbitration;
b. Antrix is to pay USD 562.5 million to Devas for damages caused by Antrix's wrongful repudiation of the Devas Agreement;
c. Antrix is to pay simple interest on USD 562.5 million from 25 February 2011 to the date of this award at the rate of three month USD LIBOR + 4%;
d. Antrix is to pay simple interest at the rate of 18% per annum of the amounts in paragraphs 401(b) and (c) from the date of this award to the date of full payment; and
e. each party is to bear its own legal costs of this arbitration, and the parties are to pay, in equal shares, the fees and expenses of the arbitrators and the ICC administrative expenses.
402. All other claims and requests made by the parties in this arbitration have been rejected.
Place of the arbitration: New Delhi, India
Date: 14 September 2015
Dr Adarsh Sein Anand
Mr V.V. Veeder QC
Dr Michael Pryles (Chairman)