Indian government to pay Crain Energy $1.7 billion: Report

Cairn Energy said that it has effectively frozen Indian state-owned properties in Paris, escalating the fight between the oil producer and the Indian government over an arbitration award. The company said it will transfer the ownership of 20 properties owned by the Indian government valued at more than 20 million euros. A French court has authorised the freeze.

This move comes as Cairn tries to force the Indian government to pay $1.7 billion awarded over a tax dispute by an international tribunal. Cairn was awarded the sum last year that came at the end of a long-running arbitration.

According to reports, Cairn said that it has identified $70 billion of assets across the globe that it might try to seize if the government does not pay up. These assets include buildings as well as Air India aircraft.