Cairn says talks on to settle tax row

Scotland-based hydrocarbons explorer Cairn Energy Plc on Tuesday said it was in talks with Indian authorities to amicably settle a tax dispute dating back to when it listed its Indian entity in 2006.

Cairn has since sold nearly 90 per cent stake in the Indian arm. “While interactions are ongoing with Indian Income Tax Department, Cairn is currently unable to access the value in its 10 per cent residual shareholding in Cairn India valued at $1.1 billion at 30 June 2014,” said Simon Thomson, CEO, Cairn Energy Plc.

“Cairn is continuing to take all necessary steps to protect shareholders' interests," Thomson said in the half-yearly report, following the presentation of results for the first six months of this year.