The government has referred to a group of ministers the deal in which London-listed Vedanta Resources would take control of Cairn Energy's India unit, oil minister S Jaipal Reddy said on Wednesday. The panel would be headed by Finance Minister Pranab Mukherjee, Reddy said after a cabinet discussion on the deal in which they were expected to make a final decision.
Cairn Energy agreed last August to sell a majority stake in Cairn India to Vedanta in a deal valued at up to $9.6 billion. The deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp . The referral to the panel delays it further.
No comments:
Post a Comment