Cairn Energy bid to push Vedanta deal meets closed doors
Eager to get an early government decision on the sale of his firm's majority stake in Cairn India to Vedanta Resources , Cairn Energy Plc Chief Executive Bill Gammell on Tuesday arrived unannounced at the doors of members of a ministerial panel considering the USD 9.6 billion deal.
Eager to get an early government decision on the sale of his firm's majority stake in Cairn India to Vedanta Resources, Cairn Energy Plc Chief Executive Bill Gammell on Tuesday arrived unannounced at the doors of members of a ministerial panel considering the USD 9.6 billion deal.
Gammell's attempts to push the envelop however met with little success as Oil Minister S Jaipal Reddy and Law Minister M Veerapa Moily refused to see him without prior notice. The Group of Ministers headed by Finance Minister Pranab Mukherjee is likely to meet on May 12 to consider the grant of approval for Vedanta to buy Cairn Energy's majority stake in Cairn India. Even Oil Secretary G C Chaturvedi turned Gammell away as he had arrived without a prior appointment. Sources in-the-know of the development said Gammell also attempted to meet Finance Minister Pranab Mukherjee, who is heading the Group of Ministers, and Planning Commission Deputy Chairman Montek Singh Ahluwalia, the other member of the GoM. Cairn Energy Plc spokesperson David Nisbet did not answer phone calls made to seek comments on Gammell's meetings. Gammell, sources said, arrived from the UK probably yesterday and was in the Oil Ministry early today. Cairn Energy, however, said it expected government to clear the sale by May 20, the extended deadline the Edinburgh-based firm and Vedanta have set to conclude the transaction. "I'm hopeful we'll get government approval by May 20," is all Gammell told reporters in the Oil Ministry. He declined comment when asked if the deadline will need to be extended beyond May 20. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
