September 17, 2021

Great Indian Mutiny

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India is set to offer compensation to Air India bidders for Cairns Claim, Energy News and ED Energy World.

India is ready to auction off the flag carrier who has lost any responsibility arising from the case brought Cairn Energy PLC, Claimed the assets of the state airline due to a long tax dispute with the government, according to those familiar with the matter.

Prime Minister Narendra Modi’s administration was said to be compensating Air India Limited for financial bidders, which the government had repeatedly tried to sell without success, people who asked not to identify the matter as secret. In a recent effort, a panel of officials approved a final sales deal on Saturday, which they said would be approved by a panel of ministers this week.

Civil Aviation Minister VK Singh told parliament in July that the government expects to receive financial incentives before September 15. Air India has been unprofitable since its merger with a national government operator Indian Airlines Limited, Has a total debt of 600 billion rupees ($ 8.2 billion) and loses 200 million rupees every day, testing government funding even as the southern country’s budget deficit expands from Asia.

A Finance Ministry spokesman declined to comment.

Potential bidders for the airline: A joint venture identified by local media Dad’s team And owner of a local low-cost airline SpiceJet Limited. – You can get any assurance from the government that there is no surprise about additional responsibilities.

Cairn, Won an arbitral award of $ 1.2 billion and interest on a controversial perspective tax claim by the Indian government last year, which has been called the country’s “alternative ego” in US court and is liable for government liabilities. Judgment of the Arbitral Tribunal. Devas Multimedia Pvt.

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India last month passed a law that would allow companies to claim tax breaks if they agreed to drop the case. Finance Secretary Tarun Bajaj later said in an interview that the government was in talks with Cairn to resolve the dispute.