Cairn Energy CEO to meet Sitharaman next week

Cairn Energy CEO Simon Thomson, in a tweet, has said he will meet Finance Minister Nirmala Sitharaman in New Delhi next week.

In a video-taped message released with the tweet, Thomson has asked “that the Indian government move swiftly to adhere to the award” of $1.2 billion plus interest and costs that an international tribunal ordered the Indian government to pay the Edinburgh-based company in a case of retrospective taxation.

Cairn had initiated arbitration to fully recover losses from the expropriation of its investments in India in 2014, when the firm had exited the Indian market.

“Cairn is a wonderful example of successful investment and partnership in India. Over decades, we built a legacy business that has generated so far over $20 billion of revenue for the Government of India. It has also shown massive benefit for the local populations where we operated in Gujarat, Andhra Pradesh, and Rajasthan,” Thomson said.

“The arbitration is now finalised and the award has been given. And we would request, along with others, that the Indian government move swiftly to adhere to the award that has been given. That’s important," he said adding “It’s important for our shareholders, who are global financial institutions and who want to see a positive investment climate in India."

“I’m sure that in working together with the government, we can swiftly draw this to conclusion and reassure those investors as to the positive investment climate that India offers,” he added.

COMMENT NOW