The state government has settled a long-pending dispute over tax incentives with Nissan Motor by paying nearly Rs 1,500 crore to the Japanese car giant’s Indian arm. In return, Nissan will withdraw international arbitration proceedings it has initiated against the government. According to sources, the Japanese automaker had claimed nearly Rs 5,000 crore in dues, interest and other damages. “We settled the dispute and made the payment, due to them for the period 2012-2017 in January this year much before the Covid crisis. It has come to light now since Nissan has filed for withdrawing the international arbitration proceedings,” state government officials said. The settlement is expected to boost Tamil Nadu’s image among international investors.
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