British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over $1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
“Cairn is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets,” the firm said in its 2020 annual earnings statement.
The firm has moved courts in nine countries to get the arbitral award registered and recognised.
