Arbitration award issue | Cairn Energy hopeful of acceptable solution

Days after Cairn Energy CEO Simon Thomson met top Finance Ministry official on the tax arbitration award enforcement, company officials said a number of proposals were discussed with the government to find a ‘mutually acceptable’ swift resolution, and the company would look at investing more in India to reduce its dependency on energy imports if such a resolution occurs. “We have had cordial and constructive discussions in Delhi over the last few days with officials from the Ministry of Finance… We remain hopeful that an acceptable solution can be found, in order to avoid further prolonging and exacerbating this negative issue for all parties,” said a company official privy to the meetings between top Finance Ministry official Ajay Bhushan Pandey and Mr. Thomson held over the past few days.