Cairn Energy 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.
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.
ALSO READ: Govt vs Cairn Energy: Here's what has happened so far
London-listed Cairn said it would start filing the necessary documents and work with New Delhi to expedite the refund of roughly Rs 7,900 crores ($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.
In August, India proposed scrapping the 2012 retrospective tax law and said it would refund companies including Cairn and Vodafone.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
