Cairn may need India govt nod for stake sale: oil secy | business | Hindustan Times
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Cairn may need India govt nod for stake sale: oil secy

business Updated: Aug 13, 2010 13:32 IST

Reuters
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Cairn Energy may need approval from the government to sell a stake in its Indian arm, Petroleum Secretary S Sundareshan said on Friday.

India-focused Vedanta Resources is in talks with Cairn Energy, which has a 62.37 per cent stake in Cairn India, to buy a stake in the unit, both companies confirmed on Thursday.

Such a deal would be the diversified miner's first move into oil and gas.

Sundareshan said he had learnt from Cairn India that discussions between the two firms were at a preliminary stage.