Cairn Energy and Vedanta Resources have given themselves more time to complete their proposed deal. On Thursday they extended the deadline for Vedanta’s planned acquisition of a majority stake in Cairn India. Their new last date is 20 May, in place of the earlier 15 April. Thursday’s extension came a day after the Union cabinet referred the proposed acquisition to a group of ministers. Vedanta and Cairn need government approval for their proposed deal. But there’s opposition is from state-run ONGC. That firm owns 30% of Cairn India’s most lucrative oil block and doesn’t want to pay royalties for the entire field.
Food inflation has eased in late March. India’s food price index increased 9.18% in the period to 26 March. The previous week it climbed 9.5%. The latest figures are a four-month low. They were helped along by fresh supplies coming into the market. The government expects a record harvest of cereals this year.
Indian markets have fallen for a third day in a row. The Sensex lost 21 points to 19,591. And the Nifty declined six to 5,886.