Cairn Energy eyes ‘acceptable solution’

NEW DELHI: Cairn Energy on Sunday said that it was hopeful of finding an acceptable solution to the vexed $1.2-billion tax dispute with the government but will take all necessary steps to protect the interests of its shareholders.
“We have had cordial and constructive discussions in Delhi over the last few days with officials from the finance ministry. Notwithstanding and without prejudice to our rights under the international arbitration award, we have discussed a number of proposals with the aim of finding
a swift resolution that could be mutually acceptable to the Indian government and the interests of Cairn’s shareholders. Assuming such a resolution can be achieved, we look forward to being able to move on to further opportunities to invest in India which continues to import the majority of the energy sources it consumes,” it said.
After the meeting with Cairn CEO Simon Thomson last week, the government had indicated that it would file an appeal against tribunal ruling although the British company is hoping to expeditiously clinch the issue with India following the order.

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