Cairn Energy to return up to $700 mn to shareholders if India dispute resolved

Britain's Cairn Energy said on Tuesday it plans to return up to $700 million to shareholders via a special dividend and share buyback, provided a lengthy dispute with India over certain tax claims is resolved.

The oil and gas producer, which has major operations in the South Asian country, said it was considering entering into statutory undertakings with the Indian government over changes to retrospective tax laws at the heart of the row between the two.

Also read: India withdraws retro tax: What Next?