Conditional nod for cairn deal not on: UK

The British are learned to have opposed the Indian government’s move to give conditional clearance to the $9.6 billion acquisition of Cairn India by mining group Vedanta.

The British are learned to have opposed the Indian government’s move to give conditional clearance to the $9.6 billion acquisition of Cairn India by mining group Vedanta.

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British High Commissioner to India Richard Stagg wrote to the Indian Prime Minister’s Office on March 31, saying an approval subject to ONGC being allowed to recover R14,000 crore royalty will render the deal unviable, as it would “fundamentally change the commercial basis upon which the transaction had been agreed” sources disclosed.