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    HomeNewsBusinessCompaniesOil Secy hopes cabinet decision on Cairn-Vedanta deal soon

    Oil Secy hopes cabinet decision on Cairn-Vedanta deal soon

    India's oil secretary on Monday said he hopes cabinet will soon take a decision on a multi-billion dollar Cairn Energy deal to sell majority of its stake in Cairn India to Vedanta Resources.

    April 05, 2011 / 11:30 IST
       
       
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      India's oil secretary on Monday said he hopes cabinet will soon take a decision on a multi-billion dollar Cairn Energy deal to sell majority of its stake in Cairn India to Vedanta Resources.


      "The Cairn-Vedanta deal has been placed before the highest levels of government. Hopefully, a decision will be taken very soon," S Sundareshan said.


      Cairn agreed in August to sell upto 51% of Cairn India for upto USD 9.6 billion, but the transaction has been delayed due to a dispute over royalty payment by state-run Oil and Natural Gas Corp that has a 30-% holding in the Cairn-operated Rajasthan fields in western India but pays 100% royalty.


      Sundareshan also said the ministry could approach the finance department for more compensation for state oil retailers who sell fuel at below-market prices.

      first published: Apr 4, 2011 08:51 pm

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