India’s finance minister on Friday said New Delhi will appeal against the arbitration decision questioning the authority of the country to levy tax, when asked about a retrospective decision on Cairn Energy Plc. Nirmala Sitharaman was speaking to reporters in New Delhi.
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.