Cairn says it has won court order to freeze India state assets in Paris

Company says French development is 'necessary preparatory step' to take over Indian's state assets, calls for 'amicable settlement'.

Cairn Energy Plc is closer to seizing Indian state-owned properties in Paris, part of the company’s attempt to recover a $1.2 billion arbitration award it won last year.

A French court froze residential real estate belonging to the Indian government, Cairn said in a statement Thursday. The order affects 20 properties valued at more than 20 million euros ($24 million), it said.

“This is the necessary preparatory step to taking ownership of the properties and ensures that the proceeds of any sales would be due to Cairn,” Cairn said. It added that its “strong preference remains an agreed, amicable settlement.”