Decision on $9.6-bn Cairn deal in 4-6 weeks: Deora | business | Hindustan Times
Today in New Delhi, India
Dec 05, 2016-Monday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Decision on $9.6-bn Cairn deal in 4-6 weeks: Deora

business Updated: Sep 06, 2010 22:55 IST

Reuters
Highlight Story

The petroleum ministry will take a decision on whether to approve Vedanta Resources' deal for control in Cairn India in four to six weeks, Union Minister Murli Deora said on Monday.

"We will reply to Cairn in 4-6 weeks," he told Reuters over the telephone from Mumbai.

Last month, London-listed miner Vedanta said it agreed to spend up to $9.6 billion to buy a majority stake in Cairn India from UK-based Cairn Energy.

The agreement needs government approval because Cairn India has production-sharing contracts with the government for oil and gas exploration blocks.

According to the pact, any ownership change will need prior government approval.