Vedanta-Cairn deal: Cabinet’s conditional OK

Jul 01, 2011 - Pawan Bali |

Age Correspondent

New Delhi

The Cabinet Committee on Economic Affairs on Thursday gave conditional approval to Vedanta Resources to buy UK-based oil explorer Cairn Energy’s Indian business.

The CCEA has given approval to the proposal subject to Vedanta and Cairn agreeing to bear the cost of royalty for the country’s most prolific onshore field in Barmer, Rajasthan. Cairn India will also have to withdraw the arbitration case challenging the payment of cess. “They (Cairn and Vedanta) will have to agree in principle to all these conditions,” said petroleum minister S. Jaipal Reddy.

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