Britain’s Cairn Energy said on Wednesday it had entered into certain undertakings with the Indian government which would allow for the refund of taxes under a long-running billion dollar dispute with the South Asian country.
The oil and gas producer had said in September it was considering entering into statutory undertakings with the Indian government after changes to a retrospective tax law which is at the heart of the row.
Cairn said it will commence the filing of the necessary documentation intimating the withdrawal, termination of various enforcement actions.
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