Cairn Energy Plc to Revoke Cases Filed Against Indian Government by Accepting $ 1.2 billion Offer

Cairn Energy Plc

On Tuesday, Cairn Energy Plc said that the company is ready to withdraw all the cases filed against the Indian government for imposing a $ 1.2 billion settlement award the company had won in December 2020.

The $ 1.2 billion settlement is a part of the latest legislation by Parliament. Vedanta, the buyer of Cairn Energy’s former subsidiary, Cairn India in 2011, is also expected to withdraw the arbitration it had filed in Singapore.

Cairn Energy, listed on London Stock Exchange will enter the ‘statutory undertakings’ with the government.