Britain's Cairn Energy said on Tuesday it plans to return up to US$700 million to shareholders via a special dividend and a share buyback this year, provided its lengthy dispute with India over certain tax claims is resolved in the near term.
The news comes a month after India proposed scrapping the controversial 2012 law and said it would refund disputed amounts to companies. Cairn was awarded damages of over US$1.2 billion last year by a Dutch court, which was challenged by New Delhi.
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