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(Alliance News) - Cairn Energy PLC is expected to receive a refund of USD1 billion after the Indian government moved to scrap a retrospective tax law, the Financial Times reported on Friday.
According to the FT, the Lok Sabha lower house of parliament on Friday approved a draft law introduced the previous day, cancelling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively. The upper house is expected to approve the law as early as next week.
Cairn, which estimated the value of the arbitral award at USD1.7 billion, said on Thursday it had "noted" the proposed legislation and was "monitoring the situation". The company declined to comment on the proposed USD1 billion refund, the FT report added.
The stock closed up 6.1% at 168.20 pence on Friday in London.
https://www.ft.com/content/0f73fe20-1925-488e-bb2f-e56dd08f1653
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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