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Arbitration case: Cairn Energy offers to invest $1.2 bn if India relents

Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award

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The Centre is still open to settling the dispute by accommodating the oil major under VsV direct tax dispute resolution scheme

Dilasha Seth New Delhi

4 min read Last Updated : Apr 12 2021 | 2:43 AM IST

As the tax battle intensifies between India and energy giant Cairn, with New Delhi challenging the $1.2-billion award at The Hague, the UK oil major has reached out to the Indian government through informal channels with a fresh proposal to settle the dispute, though with dim prospects of success.

Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award.

However, the government is unlikely to accede to the proposal, arguing that it would mean accepting the verdict,

Topics : Cairn Energy Cairn tax dispute Cairn India Arbitration

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