India on Wednesday said it will appeal against the decision of an international court to fine the country $1-billion (Approximately Rs 68,000 crore) in a case involving the Indian Space Research Organisation and Bangalore telecom firm Devas multimedia. India was asked to compensate Devas after a 2005 deal with Isro’s commercial arm, Antrix, fell through. The court had declared the cancellation of a satellite and spectrum allocation contract “unfair” and “inequitable”.

AS Krishnakumar, secretary, Department of Space, confirmed that India will challenge the verdict by the Permanent Court of Arbitration, PTI reported. The government had declared its move to annul the contract saying it was done keeping “essential security interests” in mind ater consulting the Cabinet Committee on Security.

The deal promised Devas 70 MHz of the scarce S-Band wavelength through Isro’s GSAT-6 and GSAT-6A satellites at a cost of $ 300 million over 12 years (Rs 2,000 crore approximately). However, the deal was cancelled in July 2010 after an Isro internal review of the agreement.