ISRO aborts Devas deal, asked to pay damages by ICC tribunal

Q.  ISRO has been asked by an international arbitration court to pay INR 4435 crore in damages to which Bengaluru based firm on 1st October 2015?
- Published on 02 Oct 15

a. Devat International
b. Devas Multimedia
c. Devas Media
d. None of the above

ANSWER: Devas Multimedia
 
ISRO had aborted the Devas deal in 2011. The commercial arm of ISRO, Antrix had signed a contract for launching two satellites and using spectrum. Devas was asked to lease 70 MHZ of S-band spectrum from the two satellites that were launched by ISRO and to pay USD 300 million for the rights. However, the government scrapped the deal. Antrix, ISRO has been asked to pay USD 672 million in damages.

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