Cairn Energy may extend Vedanta sale deadline again

Edinburgh-based Cairn Energy Plc may have to once again extend the deadline for concluding sale of 40% stake in its Indian unit to Vedanta Resources as a ministerial panel vetting the deal is unlikely to meet before next week.

A desperate Cairn Energy, Chief Executive Bill Gammell today met Oil Minister S Jaipal Reddy to press for a decision before the May 20 deadline his firm and Vedanta have set for concluding the USD 9.6 billion deal.

Gammell, who could not get an audience with Reddy yesterday, "expressed deep concern" on missing the deadline, a source privy to the deliberations at the meeting said.

Reddy on his part expressed helplessness as Finance Minister Pranab Mukherjee is the one who has to convene the meeting of the Group of Ministers (GoM).