Cairn Energy (CNE.L) has entered into certain undertakings with India which would allow for the refund of taxes under a long-running billion dollar dispute with the country, sending the British company's shares nearly 3% higher on Wednesday, Trend reports citing Reuters.
The news comes after the oil and gas producer said in September it was considering undertakings with the Indian government after changes were made to a retrospective tax law at the heart of the row. read more
London-listed Cairn said it would start filing the necessary documents and work with New Delhi to expedite the refund of roughly 79 billion rupees ($1.06 billion).
"Cairn will commence the filing of the necessary documentation ... intimating the withdrawal, termination and/or discontinuance of various enforcement actions," the company said in a statement.