India offers Cairn Energy $1-bn refund after scrapping retro tax: Report
India expects to refund $1 billion to UK-based Cairn Energy after it moved to scrap a retrospective tax law that unleashed bitter fights with prominent foreign investors, Financial Times reported.
The 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.
New Delhi would also drop $13.5 billion in outstanding claims against multinationals such as telecoms group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, as part of efforts to repair its damaged reputation as an investment destination, the report said.
