The Indian government is confident of winning its appeal against an arbitration award of more than $1.2 billion that British oil major Cairn Energy Plc has secured in an investment dispute and is determined to defend its case in foreign courts against enforcement of the arbitration award, a person aware of the government’s plans said on Sunday.
The government is yet to receive any formal notice from Cairn Energy regarding attachment of substantial Indian assets reportedly identified by the company, the person said, requesting anonymity.
The assertion about India defending its assets in overseas courts comes at a time Cairn Energy shareholders are keen to realize the award.
