New Delhi: The board of India’s Oil and Natural Gas Corp has decided to issue a no-objection certificate for London-based miner Vedanta Resources’ deal to buy a majority stake in oil and gas explorer Cairn India, ONGC said in a statement on Tuesday.
The approval from state-run ONGC, which has a 30% holding in the Cairn-operated oil and gas fields in western India, comes after India granted conditional approval to the $6 billion deal in June, after a delay of more than 10 months.
A worker is seen working at Cairn Energy Plc’s Mangala processing terminal in Rajasthan. (File Photo Bloomberg )
The transaction had been held up mainly over the disagreement on royalty payments between the two partners, and had undermined investor sentiment in Asia’s third-largest economy.