Cairn India-Vedanta deal to delay further
The Union oil minister of India, Mr. S. Jaipal Reddy has informed that the proposal of Cairn Energy PLC to sell the controlling stake in its local unit to Vedanta Resources PLC will be produced in front of the federal cabinet. The process will be finalized in two to three weeks of time.
Mr. Reddy has also said that the ministry is looking forward to know the views of other ministry as well. He has asked the ministries such as finance, corporate affairs and law to provide their comment on this proposed deal. It will be send to the cabinet committee on economic affairs so that it will be easier to take decision over this deal.
Earlier, this deal was proposed by the ministry in the month of August last year. It has further delayed to till date and it has also been apprehended that the ministry’s move to approach the cabinet may take more time.
Top officials from the ministry had previously informed that the decision on the Cairn-Vedanta deal may be taken by the end of February.
The leading miner Vedanta group had proposed to buy 51% to 60% of Cairn India Ltd. in the month of August last year. The deal was proposed to be settled for $8.5 billion to $9.6 billion in cash.
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