Cairn Energy to drop cases against India, accepts $1-billion offer

Vedanta is also likely to withdraw arbitration

Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament.

Also, Vedanta, which had bought Cairn Energy’s erstwhile subsidiary Cairn India in 2011, is likely to withdraw arbitration it had filed in Singapore seeking around Rs 5,000 crore as damages from the government.

London Stock Exchange-listed Cairn Energy will enter into “statutory undertakings” with the government. This will enable a refund of retrospective taxes collected from it by