ONGC’s interest to be fully protected: Deora
October 27th, 2010 - 5:41 pm ICT by IANSNew Delhi, Oct 27 (IANS) The government will “fully protect” the interest of state-run ONGC while considering the application for acquisition of Cairn India by the Vedanta Group, Petroleum Minister Murli Deora said Wednesday.
“The interest of ONGC will be fully protected,” Deora asserted at the Economic Editors Conference here while answering a query on the Cairn-Vedanta deal.
The Anil Agarwal-led Vedanta Group has made an offer of $9.6 billion to acquire 51-60 percent of the Indian subsidiary of the London-based Cairn Energy. ONGC holds 30-50 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.
Cairn Energy has maintained that ONGC’s preemptive rights would not get triggered as the deal does not involve sale of Cairn India’s assets to Vedanta but is only a corporate transaction involving transfer of shares.
The Petroleum Secretary, S. Sundareshan, denied that the government is dragging its feet on taking a decision on the Cairn-Vedanta deal. “We only received the letter from Cairn asking for permission in mid-September. The ministry is not delaying the matter, as the fact is that they had not applied for permission earlier,” he said.
He added that a decision would be taken before the end of this financial year.
- Group of Ministers to examine Cairn-Vedanta deal - Apr 06, 2011
- ONGC says its approval needed for Cairn-Vedanta deal - Oct 21, 2010
- Cairn-Vedanta deal a complex issue, says Sharma - Apr 08, 2011
- Vedanta to pick up majority stake in Cairn India (Lead) - Aug 16, 2010
- Cairn chief meets India's oil minister after Vedanta deal - Aug 17, 2010
- Supreme Court to hear PIL against Cairn-Vedanta deal - Feb 27, 2012
- Cairn India strikes oil in Krishna Godavari basin - Aug 23, 2010
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Vedanta-Cairn deal depends on shareholders approval: Khurshid - Aug 25, 2010
- India considering Cairn India-Vedanta merger proposal in a positive frame of mind - Feb 06, 2011
- Cairn India shares only moderately up day after stake sale - Apr 20, 2011
- SC notice to government on plea against Cairn-Vedanta deal (Lead) - Apr 23, 2012
- India gives conditional approval to Cairn-Vedanta deal - Jun 30, 2011
- Cairn extends deadline for wrapping up deal with Vedanta - May 19, 2011
- SC notice to government on plea against Cairn-Vedanta deal - Apr 23, 2012
Tags: acquisition, anil, assets, cairn energy, cairn india, corporate transaction, economic editors, editors conference, godavari, indian subsidiary, krishna godavari basin, murli deora, New Delhi, oil blocks, ongc, percent stake, petroleum, preemptive rights, transfer of shares, vedanta group