ONGC should have last word on Vedanta-Cairn: Anand Sharma | business | Hindustan Times
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ONGC should have last word on Vedanta-Cairn: Anand Sharma

State-run Oil and Natural Gas Corp, should have the last word in Vedanta Resources' proposed acquisition of Cairn India, Trade Minister Anand Sharma said today.

business Updated: Aug 24, 2010 13:16 IST

State-run Oil and Natural Gas Corp, should have the last word in Vedanta Resources' proposed acquisition of Cairn India, Trade Minister Anand Sharma said on Tuesday.

"It is a major decision. These are national resources," Sharma told reporters.

Government sources said on Monday a counter-bid for Cairn India led by state firms cannot be ruled out.

Shares in explorer Cairn India, which is a target of a takeover by Vedanta Resources, rallied more than 3 per cent on Tuesday boosted by expectations for a counter-bid by Indian state firms.

Last week, India focused miner Vedanta said it had agreed to spend up to $9.6 billion to buy a majority stake in Cairn India from its UK-based parent Cairn Energy.