Cairn announces that the tribunal established to rule on its claim against the Government of India has found in Cairn’s favour.

Cairn’s claim was brought under the terms of the UK-India Bilateral Investment Treaty, the legal seat of the tribunal was the Netherlands and the proceedings were under the registry of the Permanent Court of Arbitration.

The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and has awarded to Cairn damages of US$1.2billion plus interest and costs, which now becomes payable.

Cairn in India

Cairn Oil & Gas is the largest private sector producer of crude oil in India, currently producing from assets in Rajasthan, Andhra Pradesh and Gujarat. The Mangala field in Rajasthan, discovered in January 2004, was the largest onshore oil discovery in India in two decades. Mangala, Bhagyam and Aishwariya fields, the three major discoveries in the Rajasthan block, cumulatively have hydrocarbons reserves of approximately 2.2 billion barrels of oil equivalent.

On April 11, 2017, Cairn India Limited merged with Vedanta Limited, unanimously recommended by the independent directors at both Vedanta Limited and Cairn India. The merger marked a significant step towards achieving Vedanta’s vision of a simplified group structure, which would help create long-term sustainable value. The merger helped consolidate the Group portfolio of tier-I assets across the natural resources sector, which combined with strong management, is delivering superior returns for all shareholders. The combined entity is uniquely positioned to help unlock India’s wealth of world-class energy and mineral resources.

KeyFacts Energy: Vedanta India country profile