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Miner Vedanta to file notice of claim in Cairn India tax dispute

Reuters - UK Focus

(Adds details, background, shares)

March 27 (Reuters) - Vedanta Resources Plc (Other OTC: VDNRF - news) said it would file a notice of claim related to a tax demand of about 205 billion Indian rupees ($3.29 billion) its unit Cairn India Ltd received from the Indian government this month.

The notice is the first step required before seeking international arbitration under the UK-India bilateral investment treaty, Vedanta said on Friday.

London-listed Vedanta has most of its operations in India.

Cairn Energy Plc (LSE: CNE.L - news) , which sold its stake in Cairn India to Vedanta in 2011, also filed a notice of dispute under the treaty this week after receiving a tax demand of more than $1.6 billion.

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Cairn India received the retrospective tax demand in relation to its 2007 listing in India.

The tax demands come at a time the Indian government, led by Prime Minister Narendra Modi, is seeking to reduce tax-related litigation and boost much-needed foreign investment.

Vedanta's shares were down 1.6 percent at 531.50 pence at 1402 GMT on the London Stock Exchange (Other OTC: LDNXF - news) . ($1 = 62.51 Indian rupees) (Reporting by Mamidipudi Soumithri in Bengaluru and Aman Shah in Mumbai; Editing by Kirti Pandey)