CCEA nod for deal with Vedanta

The Cabinet Committee on Economic Affairs (CCEA) on Tuesday gave its final approval to the $8.5-billion Cairn-Vedanta deal which had been under a cloud for alleged global and domestic “transgressions” by the Vedanta group.

The Cabinet Committee on Economic Affairs (CCEA) on Tuesday gave its final approval to the $8.5-billion Cairn-Vedanta deal which had been under a cloud for alleged global and domestic “transgressions” by the Vedanta group.

In view of the elections code of conduct being in force, petroleum ministry officials refused a formal comment, but sources said the cabinet in its Tuesday meeting discussed the issues dogging the deal and gave its final nod. “The deal has been cleared by the cabinet,” a senior cabinet minister confirmed on the condition of anonymity.

Sources said the report by the corporate fraud investigation body SFIO on Vedanta’s group company Sesa Goa was also taken up by the Cabinet, as opposition parties including BJP had raised concerns about Vedanta's relation with Sesa Goa.