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Cabinet skirts Cairn-Vedanta deal: Jaipal Reddy

Cabinet skirts Cairn-Vedanta deal: Jaipal Reddy
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First Published: Thu, Jun 16 2011. 12 02 PM IST
Updated: Thu, Jun 16 2011. 12 02 PM IST
New Delhi: The cabinet on Thursday did not discuss the proposed sale of a stake of British oil explorer Cairn Energy’s India unit to Vedanta Resources, petroleum minister S. Jaipal Reddy said.
Reddy had earlier said the cabinet could take up the matter this week.
Cairn agreed in August to sell up to 51% of Cairn India for up to $9.6 billion to Vedanta, in a deal which originally had a cut-off date of 20 May.
The deal has been delayed due to a dispute over royalty payments with Cairn India’s partner in the Rajasthan project, state-run Oil and Natural Gas Corp .
“It did not come up today,” Reddy told reporters after the weekly cabinet meeting in New Delhi.
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First Published: Thu, Jun 16 2011. 12 02 PM IST
More Topics: Cairn | Vedanta | Jaipal Reddy | Deal | Stake sale |