Group of Ministers to examine Cairn-Vedanta dealApril 6th, 2011 - 10:12 pm ICT by IANS
New Delhi, April 6 (IANS) A group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee will examine the $9.6 billion Cairn-Vedanta deal as the union cabinet failed to take a decision on the issue due to sharp differences.
“A Group of Ministers (GoM) will examine into the matters relating to both royalty and cess,” Petroleum Minister S. Jaipal Reddy told reporters after a meeting of the Cabinet Committee on Economic Affairs here.
Reacting on the development, Pranab Mukherjee said the GoM would examine the matter from various angles and submit its report soon.
“It is a complex matter. From various angles it will be examined and very shortly it will be done,” Mukherjee told reporters.
Anil Agarwal-led Vedanta Group has made an offer of $9.6 billion to acquire 51 percent of the Indian subsidiary of the London-based Cairn Energy.
Oil and Natural Gas Corporation (ONGC) holds 30 percent stake in each of Cairn India’s three oil blocks as well as some NELP (New Exploration Licensing Policy) blocks like in the Krishna-Godavari Basin, where gas has been discovered.
Vedanta Group Tuesday said it had received approval of the market regulator - Securities and Exchange Board of India (SEBI) for the deal.
- Cairn-Vedanta deal a complex issue, says Sharma - Apr 08, 2011
- ONGC's interest to be fully protected: Deora - Oct 27, 2010
- India gives conditional approval to Cairn-Vedanta deal - Jun 30, 2011
- Cairn India shares only moderately up day after stake sale - Apr 20, 2011
- Cairn extends deadline for wrapping up deal with Vedanta - May 19, 2011
- ONGC says its approval needed for Cairn-Vedanta deal - Oct 21, 2010
- Supreme Court to hear PIL against Cairn-Vedanta deal - Feb 27, 2012
- Vedanta meets all conditions for stake buy out: Cairn - Dec 07, 2011
- ONGC approves Cairn-Vedanta deal - Sep 28, 2011
- Cairn-Vedanta sale referred to CCEA for final decision: Reddy - May 27, 2011
- Vedanta buys out Cairn's India subsidiary - Dec 08, 2011
- Vedanta-Cairn deal depends on shareholders approval: Khurshid - Aug 25, 2010
- Cairn chief meets India's oil minister after Vedanta deal - Aug 17, 2010
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Cairn India strikes oil in Krishna Godavari basin - Aug 23, 2010
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