The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
India had claimed a total of 279 billion rupees ($3.79 billion) including about $2 billion in tax, as well as interest and penalties, one of the sources said.
The tribunal, in its ruling, said the government's demand is in breach of "fair and equitable treatment" and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million) to the company as compensation for its legal costs, one of the sources added.
Vodafone said in a statement the amount of the award was confidential. Shares in the company's India unit, Vodafone Idea, ended 13 per cent higher on Friday.
India's finance ministry said it will carefully study the award, together with its lawyers. "After such consultations, the government will consider all options and take a decision on further course of action including legal remedies," the ministry said in a statement.
"Vodafone has finally got justice first from the Indian Supreme Court and now from an international arbitral tribunal," said Anuradha Dutt, senior partner at DMD Advocates, an Indian law firm representing the company.
The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments.
To reduce future arbitration claims, India has ended such agreements with over 50 countries and is working on a new law to protect foreign investors by offering relief from possible policy changes even as it upholds the right to tax them, Reuters reported.
Vodafone's tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested.
In 2012, India's top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded.
In 2014, Vodafone initiated arbitration proceedings against India.
The market, which is expected to post over Dh100 billion in sales through more than 30,000 transactions in first quarter, will sustain steady increase in transactions and prices throughout the year
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