Loading...
By
Cairn wins freeze on India\'s state-owned assets in Paris to recover tax award
Photo Credit: Thinkstock

Cairn Energy said on Thursday it had won a freeze on some of India's state-owned assets in Paris worth over 20 million euros ($23.60 million), as the energy firm increases pressure on the Indian government to pay an arbitration award it won last year.

A French tribunal ordered the freeze on some 20 centrally located properties belonging to the Indian government as part of a guarantee of the amount owed to Cairn, the company said.

"This is the necessary preparatory step to taking ownership of the properties and ensures that the proceeds of any sales would be due to Cairn," it said.

U.K.-listed Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long drawn-out tussle with the Indian government over certain retrospective tax claims.

While New Delhi has filed an appeal, the London-listed firm had started identifying Indian assets overseas, including assets of national carrier Air India that could be seized in the absence of a settlement.

Leave Your Comment(s)