Cairn Energy Plc is considering settling a protracted tax dispute with the Indian government to fetch the UK oil explorer tax refunds totalling $1.06 billion.

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On Tuesday, the company said it is considering entering into statutory undertakings with the government of India under a new law, clearing the way for the release of its assets seized since 2014.

The refund will allow Cairn Energy to return funds to its shareholders through dividends and stock buybacks and further expand its business, the company said.