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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Cairn Energy PLC    CNE   GB00BN0SMB92

CAIRN ENERGY PLC

(CNE)
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Cairn Energy : Britain's Cairn hopeful of solution in $1.2 billion-plus Indian government tax tussle

02/21/2021 | 02:01am EST

NEW DELHI (Reuters) - Cairn Energy Plc said on Sunday it had discussed multiple proposals with Indian government officials in recent days in an attempt to find a "swift solution" to a long drawn-out tax dispute with the South Asian nation.

In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.

This month, Cairn filed a case in a U.S. district court to enforce the arbitration award, taking an initial step in its efforts toward recovering dues. The U.S. court this week issued electronic summons to the Indian government to file its response to the lawsuit within 60 days or face a judgment by default.

In a release on Sunday, Cairn said it had held "cordial and constructive discussions" with officials from the Indian finance ministry.

"We remain hopeful that an acceptable solution can be found, in order to avoid further prolonging and exacerbating this negative issue for all parties," the company said, adding it is also ready to take all necessary steps to protect the interests of its shareholders.

The Indian government welcomes Cairn's move to reach out for a resolution but plans to file an appeal against the arbitration award and contest its sovereign right to tax, said a government official in New Delhi, who asked not to be identified.

Cairn took the case to arbitration in 2015 to fight a demand from Indian authorities in 2014 for 102 billion rupees ($1.4 billion) in taxes that India said it was owed on capital gains related to the 2007 listing of its local unit.

India lost another major international arbitration case last September against telecommunications giant Vodafone over a $2 billion retrospective tax dispute.

(Reporting by Aftab Ahmed and Devjyot Ghoshal; Editing by Euan Rocha and Lincoln Feast.)

By Devjyot Ghoshal


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY PLC -2.88% 198.7 Delayed Quote.-2.39%
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Financials (USD)
Sales 2020 361 M - -
Net income 2020 -227 M - -
Net cash 2020 487 M - -
P/E ratio 2020 -11,7x
Yield 2020 -
Capitalization 1 397 M 1 395 M -
EV / Sales 2020 2,52x
EV / Sales 2021 3,06x
Nbr of Employees 265
Free-Float 98,7%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 3,09 $
Last Close Price 2,83 $
Spread / Highest target 51,5%
Spread / Average Target 9,21%
Spread / Lowest Target -28,0%
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Managers and Directors
NameTitle
Simon John Thomson Chief Executive Officer & Executive Director
James Smith Chief Financial Officer & Executive Director
Nicoletta Giadrossi-Morel Chairman
Keith Geddes Lough Independent Non-Executive Director
Peter S. Kallos Senior Independent Non-Executive Director
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