Satellites

ISRO?s Antrix directed to pay $670+ million as damages to Devas

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NEW DELHI: Indian Space Research Organisation?s (ISRO) commercial arm Antrix has been ordered to pay compensation and damages totalling $672 million to Devas Multimedia.

 

The directive was given by the International Chamber of Commerce?s International Court of Arbitration, which was wholly in favour of Devas.

 

The Bangalore-based Devas argued that ISRO/Antrix were liable for ?unlawfully terminating [an] agreement in February 2011.?

 

The Court?s decision was unanimous and stated that ISRO/Antrix ?had no legal justification for terminating the agreement.?

 

The 11-year old Devas deals with innovation and services in satellite communications.

 

The agreement provided for Devas securing 70 MHz of S-band capacity from ISRO by means of leasing 90 per cent of the capacity aboard GSat-6 and GSat-6A satellites. Devas was to pay $300 million to ISRO over the following 12 years.

 

The $672 million award to Devas will grow at a rate of 18 per cent per annum until paid, the International Court said. 

 

In a statement, Devas said, ?Devas Multimedia and its shareholders, including highly regarded international investors, are pleased that the ICC Tribunal unanimously ruled in its favour and found that Antrix is liable for unlawfully terminating the Devas-Antrix agreement in February 2011. The ICC Tribunal also awarded damages and pre-award interest totalling $672 million to Devas with post-award interest accruing at 18 per cent per annum on that sum until the award is fully paid.? 

 

?Devas is hopeful that Antrix will now 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 added.

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