Home ministry clears Cairn-Vedanta deal

Home ministry clears Cairn-Vedanta deal
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First Published: Mon, Dec 05 2011. 04 19 PM IST

Updated: Mon, Dec 05 2011. 04 19 PM IST
New Delhi: Home ministry has cleared British oil firm Cairn Energy’s $6 billion deal to sell a stake in its Indian business to Vedanta Resources in the final government approval needed, a source with direct knowledge of the matter said on Monday.
Cairn Energy has been waiting for more than a year to conclude the deal which will see miner Vedanta buy a majority stake in oil producer Cairn India.
Vedanta said in November it expected to complete the deal within this quarter.
A spokeswoman for the home ministry could not comment immediately.
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First Published: Mon, Dec 05 2011. 04 19 PM IST
More Topics: Cairn | Vedanta | Oil | Home Ministry | MAs |