Cairn Energy to reinvest in India if tax issue is resolved: CEO Simon Thomson
Britain’s Cairn Energy PLC is keen to reinvest in India if a retrospective tax issue it is facing is resolved, said its chief executive. The independent oil and gas exploration company gave the country its biggest onshore oil discovery and a gas find that opened the KG basin.
Cairn, which in early 1990s grew the Ravva oil and gas field in the Krishna Godavari basin, the Bay of Bengal and then went on to find the country’s biggest on land oil discovery in the Thar Desert, Rajasthan, was in 2014 slapped with a tax demand of Rs 10,247 crore over an internal business reorganisation it did of its India business years back.
