Capricorn Energy finally gets $1bn India tax refund

Edinburgh-based Capricorn Energy — formerly called Cairn Energy — confirmed on Thursday it finally received the expected tax refund of $1.06 billion from the government of India.

The news brings to an end the long-running tax fight between Capricorn and the government of India.

The Edinburgh firm has promised shareholders a payout of up to $700 million following settlement.

 “A circular is expected to be issued in early March detailing the shareholder resolutions required in connection with the proposed shareholder return of up to US$700 million, comprising a US$500 million tender offer and US$200 million ongoing share repurchase programme,” said the Edinburgh firm.

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.