Will not seek extension of deadline for Vedanta deal: Cairn | business | Hindustan Times
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Will not seek extension of deadline for Vedanta deal: Cairn

UK's Cairn Energy Plc, which has proposed to sell most of its stake in its Indian unit to mining group Vedanta Resources, today said it will not an seek extension of the April 15 deadline to conclude the $9.6 billion deal.

business Updated: Feb 18, 2011 14:48 IST

UK's Cairn Energy Plc, which has proposed to sell most of its stake in its Indian unit to mining group Vedanta Resources, on Friday said it will not an seek extension of the April 15 deadline to conclude the $9.6 billion deal.

"I don't intend to go back to shareholders to extend the deadline," Cairn Energy CEO Bill Gammell told reporters after meeting Oil Minister S Jaipal Reddy.

He said his firm continues to be in dialogue with the government to secure the necessary approvals to conclude the deal by April 15.

"I'm confident that things will move further satisfactorily," he added.