India to appeal against arbitration decision questioning authority to tax

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 USD 1.2 billion-plus interest and costs, after ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty.