Vedanta

Wed, Sep 28 2011 17:48 IST | 0 Views | Add your comment SHARE: In a relief to Anil Agarwal-promoted Vedanta Group, state-run Oil and Natural Gas Corp has agreed to it buying the India assets of Britain-based Cairn Energy, a deal worth about $9 billion. ONGC's approval comes almost two months after the government gave its nod to the transaction. Cairn has already sold a 10 percent stake in the Indian subsidiary. "The board of ONGC resolved that Cairn's request may be agreed...Read Full Story

ONGC will concentrate on its core activity, that is exploration, said the actual ONGC Group Chairman, Mr Sudhir Vasudeva, at their first media interaction after taking office. ONGC expects to boost its crude oil output to 28 million tonnes annually by March 2014, and gas production to 100 million standard cubic metres each day by March 2017. Besides, the company is also getting foreign partners for increasing its output. The PSU oil exploration and production major has always are available in...Read Full Story

New Delhi: More than three weeks after the Cabinet Committee on Economic Affairs gave conditional nod to the $ 9-billion Cairn-Vedanta deal, the Oil Ministry on Tuesday sent a formal letter to the companies informing of the decision. “The letter was collected by Cairn India representatives this afternoon,” an oil ministry official said. Cairn Energy Plc, which is selling 40 per cent out its 62.4 per cent stake in its Indian unit to London-listed, India-focused mining group Vedanta...Read Full Story

India gave conditional clearance Thursday to the multi-billion dollar sale of British oil explorer Cairn Energy's Indian oilfields to London-listed mining group Vedanta Resources. The approval came with the key rider that Cairn India's new owner share the oilfields' royalty burden, currently borne in whole by India's state-owned Oil and Natural Gas Corp (ONGC). The sale, one of the biggest in Indian corporate history, was originally valued at 9.6 billion dollars, but Cairn and Vedanta agreed...Read Full Story

Uk oil explorer Cairn Energy needs to finalise a long-awaited deal to market control of its Indian company by mid-September, bringing to conclusion a procedure that has dragged on for nearly a year. India in June granted conditional approval for Vedanta Resources to purchase a stake in Cairn India inside a $6 billion deal that was initially announced in August 2010. Cairn India happens to be seeking approval from its shareholders about the conditions imposed by the Indian native government...Read Full Story