New Delhi: Cairn Energy may be confident about seeing through its deal with Vedanta, but the government has concerns of its own. On Wednesday petroleum secretary S. Sundareshan said his ministry was still considering issues of jurisdiction. He added that while the government remained neutral about the deal, Cairn still needed approval for everyone one of its blocks.
One potential hurdle is still government-run ONGC, which is a partner in one of Cairn India’s most productive oil blocks. Vedanta’s proposed deal to buy a controlling stake Cairn could be worth up to $9.6 billion.
Biocon is entering the Malaysian market in a big way. On Wednesday the company announced it would set up a manufacturing and R & D facility in the country. Biocon will make an initial investment of $161 million. The facility will be up by 2014. Chairman Kiran Mazumdar Shaw said Biocon would continue investing in its Malaysian unit, which would focus on products like top-end bio-similars. Earlier this month, Biocon signed a $350 million deal with Pfizer to sell four of its diabetes drugs globally.
Biocon shares lost ground on Wednesday along with overall markets. They ended trade on the BSE at 430.45, a fall of 0.30%.