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    Oil Min likely to give in-principle approval for Vedanta

    The oil ministry is ready to give "in-principle" approval for Vedanta resources' acquisition of Cairn India, but has imposed a set of 11 preconditions.

    January 25, 2011 / 15:41 IST
       
       
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      The oil ministry is ready to give "in-principle" approval for Vedanta Resources' acquisition of Cairn India, but has imposed a set of 11 preconditions.


      The ministry wants Vedanta to withdraw pending lawsuits filed by cairn on payment of oil cess and ONGC's preemption rights.


      Sources say the ministry also wants Vedanta to consider the royalty paid on crude oil from cairn's Rajasthan block in the project cost and its profits calculated.

      It also wants Vedanta's guarantee that cairn's technical capability will be undisturbed.

      first published: Jan 24, 2011 06:41 pm

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