Cabinet's nod to Cairn-Vedanta deal with riders

The cabinet committee on economic affairs (CCEA) on Thursday approved Vedanta Resources Plc's proposed acquisition of a majority stake in Cairn India Ltd, with riders to protect the interests of Cairn's state-owned partner, Oil and Natural Gas Corp. Ltd (ONGC), which may lead to the 10-month deadlock over the deal ending. Petroleum Minister S. Jaipal Reddy in New Delhi clarified that the government has conditionally approved Cairn-Vedanta deal. The cabinet has granted conditional approval to Vedanta Resources to buy British oil explorer Cairn Energy's Indian business, Cairn India, Reddy said.