British oil major Cairn Energy Plc. said on Tuesday that it was engaging with the Indian government regarding an arbitration award of over $1.2 billion it won in a tax case and that steps to realise it were being taken.
Cairn said in a statement to shareholders attributed to chief executive Simon Thomson that India has sought to challenge the basis of the arbitration award that came last December but the company was confident of its position.
The statement said that the arbitration award of $1.2bn plus interest and costs favouring the company’s claim against the Indian government was binding and enforceable under international treaty law.
