New Delhi, Sept. 8 (PTI): British firm Cairn Energy Plc today said it would pay all taxes, due both in India and the UK, on the $8.48-billion sale of a majority stake in its Indian arm to Vedanta Resources.

Cairn Energy is selling 40-51 per cent stake in Cairn India — the operator of the nation’s largest onland oilfield — to London-listed Vedanta for $6.65-$8.48 billion.

“Tax will be paid in both India and UK,” a Cairn Energy spokesperson said. “Averaged across both countries on the gross proceeds, it will be in the low teens. What is paid will be determined eventually by the final proceeds.”

Analysts said the “low teens” being referred to in the statement might be the 13-14 per cent tax liability on gross proceeds of the sale.