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ONGC gives nod for Cairn-Vedanta deal-statement

ONGC gives nod for Cairn-Vedanta deal-statement
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First Published: Tue, Sep 27 2011. 08 06 PM IST

A worker is seen working at Cairn Energy Plc’s Mangala processing terminal in Rajasthan. (File Photo Bloomberg )
A worker is seen working at Cairn Energy Plc’s Mangala processing terminal in Rajasthan. (File Photo Bloomberg )
Updated: Tue, Sep 27 2011. 08 06 PM IST
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.
A worker is seen working at Cairn Energy Plc’s Mangala processing terminal in Rajasthan. (File Photo Bloomberg )
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.
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.
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First Published: Tue, Sep 27 2011. 08 06 PM IST
More Topics: ONGC | India | Cairn India | Oil | Gas |