India refunds Rs 7,900 cr to Cairn to settle retro tax dispute

The Indian government has refunded Rs 7,900 crore to Britain's Cairn Energy Plc to a dispute over levy of retrospective taxes.

Cairn, which is now known as Capricorn Energy Plc, in a statement said the tax refund has been paid and "net proceeds of USD 1.06 billion have been received."