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UK's Hammond says India reassured on tax cases

Reuters - UK Focus

NEW DELHI, March 12 (Reuters) - British Foreign Secretary Philip Hammond, speaking after talks in India's capital, said he had raised concerns over a $1.6 billion tax case involving British oil explorer Cairn Energy Plc (LSE: CNE.L - news) and had been assured there no other such cases.

Cairn Energy earlier this week filed a formal dispute against a demand for more than $1.6 billion from the Indian tax department, in the latest high-profile tax row to hit Asia's third-largest economy.

The latest dispute comes after the Indian government, led by Prime Minister Narendra Modi, had sought to reduce tax-related litigation and move towards a tax-friendly regime to boost much-needed foreign investment.

"The tax demand made to Cairn was very unwelcome," Hammond said after talks with Indian Finance Minister Arun Jaitley. (Reporting by Tommy Wilkes; Editing by Clara Ferreira-Marques and Frank Jack Daniel)