ISRO’s Antrix told to pay $672 m damages to Devas

Shubhadeep Choudhury

Tribune News Service

Bengaluru, September 29

In a blow to the Indian Space Research Organisation (ISRO), an international tribunal has asked the space agency's commercial arm Antrix Corporation to pay $672 million to Bengaluru-based space technology firm Devas Multimedia Pvt Ltd in damages for cancelling a contract four years ago on grounds of national security.

"Devas Multimedia and its shareholders, including 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 said in a statement posted on its website.

The ISRO spokesperson said they were not ready to say anything on the development. Former ISRO chairperson Madhavan Nair said: "I wonder how Antrix could take the burden of paying such huge money to Devas."

Talking to this reporter over phone, Nair said: "An independent probe must be instituted and responsibility must be fixed. I am not a supporter of Devas. But had Radhakrishnan (who had succeeded Nair as ISRO chairman) and gang not misled the government, ISRO would not have suffered this setback," Nair said. 

Nair was among several ISRO/Antrix officials who bore the brunt after it was alleged that Devas' deal with Antrix would enable it to get spectrum supplied by two ISRO satellites at a rate far below the market price.