India To Appeal Arbitration Ruling In $1.3 Billion Tax Dispute With Cairn

The finance minister on Friday said New Delhi will appeal against the arbitration decision questioning the authority of the country to levy tax, when asked about a retrospective decision on Cairn Energy Plc.

Nirmala Sitharaman was speaking to reporters in New Delhi. 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.