India may offer Cairn oilfield against $1.4 billion arbitration award
For a government struggling to find revenue to boost a COVID-19 battered economy, options of appeal against the arbitration award are limited and it may not have the financial bandwidth for such a payout
PTI | January 31, 2021 | Updated 18:49 IST
The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the $1.4 billion it has pay to the British firm, helping prevent seizure of foreign assets in case of default as well as get a experienced operator in struggling E&P sector, sources said.
Cairn Energy gave India its biggest onland oil discovery but exited the country after it was slapped with a Rs 10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively. The firm has now won an international arbitration against the tax demand and the government has been ordered to return the value of shares of Cairn it had so
India Business News: The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the $1.4 billion it has pay to the British fi
Cairn Energy has asked the Indian government for an early indication of implementing the arbitration award, well before the announcement of its full year earnings on March 9
Read more about Govt may give Cairn oil field instead of paying $1.4 billion: Sources on Business Standard. The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the USD 1.4 billion it has pay to the British firm, helping prevent seizure of foreign assets in case of default as well as get a experienced
Govt may give oilfield in lieu of $1.4 bn it has to pay Cairn, save overseas assets
Premium
Cairn had initiated an international arbitration after Indian government in 2014 used a two-year old law to raise a Rs10,247 crore demand on a decade old internal reorganisation of the company’s unit in the country.
5 min read
. Updated: 31 Jan 2021, 02:15 PM IST PTI
Cairn Energy gave India its biggest onland oil discovery but exited the country after it was slapped with a ₹10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively
Share Via
Read Full Story
New Delhi: The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the USD 1.4 billion it has to pay to the British firm, helping prevent seizure of foreign assets in case of default as well as get an experienced operator in struggling E&P sector, sources said.