In a major olive branch to the Modi government, the UK-based Cairn Energy has accepted the government’s 1 billion dollar offer and said it will drop all litigation against the government and halt its move to seize Indian government assets abroad. The move comes a month after the government enacted a new law to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi, brewer SABMiller and Cairn Energy. The agreement is a major victory for the Modi government’s effort to make India more investor friendly. Watch the video for more.
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