The former Cairn Energy has received a tax refund from the Indian Government worth around $1 billion (£0.75bn) following the end of a dispute that started in 2014. The Edinburgh-based company, which changed its name to Capricorn Energy in December, said it was pleased to confirm that the Indian tax refund of INR79 billion it expected has been paid andnet proceeds of US$1.06 billion have been received. The dispute started after the Government of India imposed a retrospective tax bill on Cairn in 2014. The Government of India seized assets belonging to Cairn, which has always insisted it has paid all taxes due in the country. In September the group announced it had agreed a compromise under which it would get a refund of INR79bn.

Source: The Herald February 25, 2022 11:00 UTC