Cairn-Vedanta Deal Gets ONGC Nod

28 September, 2011

The board of 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-percent 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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Cairn-Vedanta Deal Gets ONGC Nod

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