India has a faced a number of claims from foreign investors over the years under the BIT regime. It is presently engaged in over 20 investor-State disputes, with a number of them revolving around retrospective tax claims.
South Korean state owned power utility Kowepo has begun international arbitration proceedings against India in Singapore for not honouring a fuel supply commitment to its Maharashtra power plant.
Reports claimed that foreign investors threatened to drag Andhra Pradesh to international arbitration for ‘cancelling’ renewable power purchase agreements.
Negotiators representing 16 countries have been tasked with arriving at an agreement on the controversial Regional Comprehensive Economic Partnership by October 19 but trade unions say the deal has grave consequences.
India may cut or eliminate tariffs on 80% of products imported from China under a 16-country free trade agreement, the last round of negotiations for which is underway in Vietnam.
UK’s Cairn Energy on Tuesday said the arbitration process against India on imposition of retrospective tax demand is likely to be protracted and a decision is not expected before late 2019.