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Cairn Vitality eyes ‘acceptable solution’ – Instances of India


NEW DELHI: Cairn Vitality on Sunday mentioned that it was hopeful of discovering a suitable answer to the vexed $1.2-billion tax dispute with the federal government however will take all obligatory steps to guard the pursuits 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 mentioned.
After the assembly with Cairn CEO Simon Thomson final week, the federal government had indicated that it might file an attraction in opposition to tribunal ruling though the British firm is hoping to expeditiously clinch the difficulty with India following the order.



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