Cairn Energy gets nod to seize €20m of Indian assets - report

Cairn Energy has been authorised to seize more than €20m of Indian state assets in France in a long running tax dispute, according to a report.

A French tribunal froze about 20 properties in central Paris at Cairn's request. The Indian government will seek "legal remedies" when it receives notice from the French court, the BBC said.

The oil and gas group is in dispute with the Indian government over a retrospective tax bill that involved India's tax office to seize a 10% stake in operations Cairn was trying to sell. An international tribunal awarded Cairn $1.7bn in costs and damages in December but India has appealed.

Cain said it wanted an amicable settlement to the dispute. But it has been identifying assets it would seize in the absence of a settlement including some that belong to Air India.

David Nisbet, Cairn's corporate affairs director, told the BBC's Today programme: "Clearly what we want to do is find an agreed amicable settlement with the government of India. But this is all just part of a process of saying: 'Look, India, we need to earnestly engage', but we also have a fiduciary duty to protect the rights of our shareholders."

More than six months after the international tribunal ruling, India has not said it will honour the decision despite two sets of talks in Delhi, Nisbet said.

Cairn Energy shares rose 1.3% to 151.99p at 12:34 BST.