Cairn head says sees Vedanta deal done by April 15
Cairn Energy said today it was hopeful of concluding a long-delayed deal to sell its Indian assets to Vedanta Resources by April 15.business Updated: Mar 16, 2011 22:57 IST
Cairn Energy said on Wednesday it was hopeful of concluding a long-delayed deal to sell its Indian assets to Vedanta Resources by April 15.
Cairn Energy agreed six months ago to sell up to 51% in its Indian unit to Vedanta, but the deal has been delayed as the government looks into issues of royalty payments.
The row has reached the cabinet which will rule on the matter.
"We will stick to the April 15 deadline ... it's in the government's hand and the government has to take a decision," Bill Gammell, CEO of Cairn Energy told reporters after meeting the top official in the oil ministry.
"I am postive and hopeful. I see the transaction going forward. We had a positive and constructive dialogue with the government.
"We have clearly told the government that we will stick to the April 15 deadline."