The 5 member group of ministers headed by FM, Pranab Mukherjee has given conditional approval to the Cairn- Vedanta deal. Sources say the conditions may include withdrawal of the ongoing cess arbitration by cairn and accepting that royalty at the Barmer Hills is cost recoverable. So where does this leave this mega deal?
Does a conditional approval for the USD 9.4 billion Cairn-Vedanta deal mean the end of the road for the proposed transaction? Kotak, in a brokerage report, certainly thinks so.
Kotak says,
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