New Delhi: The Supreme Court has issued notices to the Central Government, ONGC, Cairn Energy and Vedanta Resources on a petition that seeks criminal investigation and scrapping of the Cairn-Vedanta deal that has allegedly caused huge loss to ONGC. The government had approved the acquisition of majority stake of Cairn India by Vedanta. The petition was filed on the ground that the offer should have gone first to the state-owned...
04:20 PM, Apr 23, 2012
Mumbai: Vedanta Resources plans to simplify its structure by placing all but one of its subsidiaries under the umbrella of a single unit, to be named Sesa Sterlite, as part of efforts to cut costs, improve access to cash and reduce the India-focused miner's debt burden. FTSE-100 diversified miner Vedanta, which has underperformed the UK sector by more than 25 per cent since the start of last year, currently has...
12:49 AM, Feb 26, 2012
New Delhi: The Union Cabinet on Tuesday gave final approval to London-based mining group Vedanta Resources Plc's acquisition of a majority stake in Cairn India Ltd for USD 8.48 billion. The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh cleared the deal this evening, highly placed sources said. Fresh approval was necessitated in view of the Home Ministry pointing to alleged global and domestic "transgressions" by Vedanta...
08:04 PM, Jan 24, 2012
New Delhi: Mining group Vedanta Resources on Thursday completed the long delayed acquisition of oil producer Cairn India Ltd, after 16 months of protracted wrangling over royalty payments. Vedanta paid $8.67 billion for 58.5 per cent stake in Cairn India, the company said in a press statement. Iron-ore unit Sesa Goa Ltd holds 20 per cent of that stake. The London-listed mining group with no experience in oil and gas,...
08:57 PM, Dec 08, 2011
Ajay Kalsi Age: 49 Profile: Founder and chief executive of London-listed oil and gas outfit Indus Gas Rank: 38 Wealth: $ 1.39 billion Did you know? He is building a new wave pool for his daughter who is fond of swimming. The pool is about the size of four Olympic pools. Ajay Kalsi of Indus Gas is known in Indian oil and gas circles as a maverick with passion. The...
12:12 PM, Nov 08, 2011
Mumbai: Oil explorer Cairn India said on Wednesday it had received approval from its shareholders to accept conditions imposed by the government necessary to clear Vedanta Resources' deal to buy a 40 per cent stake in the company. The approval moves the long-delayed stake sale, one of the largest in India's energy sector, closer to conclusion. Cairn will now await a no-objection certificate from JV partner Oil and Natural Gas...
12:44 AM, Sep 15, 2011
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Tuesday said it may on September 27 decide on giving its consent to UK's Cairn Energy Plc selling majority stake in Cairn India to London-listed Vedanta Resources. ONGC, which holds stake in 8 out of the 10 oil and gas properties Cairn India has in the country, holds pre-emption or right of first refusal. "We have to do valuation of...
07:56 PM, Aug 30, 2011
London: British oil explorer Cairn Energy expects to finalise a long-awaited deal to sell control of its Indian business by mid-September, bringing to conclusion a process that has dragged on for almost a year. India in June granted conditional approval for Vedanta Resources to buy a stake in Cairn India in a $6 billion deal that was first announced in August 2010. Cairn India is currently seeking approval from its...
11:37 AM, Aug 11, 2011
New Delhi: After resisting for almost an year, UK's Cairn Energy Plc has said it will accept all pre-conditions of the government to get approval for selling stake in its Indian arm to mining group Vedanta Resources. The Edinburg-based firm on August 3 wrote to Oil Secretary GC Chaturvedi saying it along with Vedanta has 80 per cent shareholding in Cairn India, which is more than enough to get any...
10:52 PM, Aug 07, 2011
New Delhi: More than three weeks after the Cabinet Committee on Economic Affairs gave conditional nod to the $ 9-billion Cairn-Vedanta deal, the Oil Ministry on Tuesday sent a formal letter to the companies informing of the decision. "The letter was collected by Cairn India representatives this afternoon," an oil ministry official said. Cairn Energy Plc, which is selling 40 per cent out its 62.4 per cent stake in its...
05:31 PM, Jul 26, 2011
Mumbai: Shares of Cairn India surged by nearly 3 per cent in morning trade on the Bombay Stock Exchange after the government gave its approval for the sale of a stake to UK-based mining firm Vedanta, 10 months after the deal was first announced. The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Manmohan Singh on Thursday gave its approval to Cairn Energy for selling its Indian unit...
11:40 AM, Jul 01, 2011
New Delhi: In a startling development, the Comptroller Auditor General (CAG) has refused to give Reliance Industries an opportunity to comment on its draft audit report that indicts the Mukesh Ambani-run firm for allegedly receiving undue favours from the Oil Ministry. The nation's top auditor turned down a request of the Oil Ministry to allow private firms like Reliance and Cairn India, against whom the draft report has passed strictures,...
12:24 PM, Jun 26, 2011
Mumbai: UK-based Vedanta Group on Tuesday said it has received market regulator SEBI's nod for a $9.6 billion deal to acquire a 51 per cent stake in Cairn India and will launch an open offer soon. "We have already received SEBI's approval for an open offer. The issue will open very soon. Within the next one to two days, we will send out the mails regarding this to all concerned,"...
01:59 PM, Apr 05, 2011
New Delhi: Reliance Industries on Monday bid for six oil and gas exploration blocks while Cairn India submitted offers for two out of the 34 on offer in the 9th round of auction under the New Exploration Licensing Policy (NELP). Reliance bid for two deepsea blocks in the Andaman Basin in the Bay of Bengal and four onshore blocks in Rajasthan and the Cambay Basin, a source in the upstream...
12:22 PM, Mar 28, 2011
New Delhi: After keeping it on tenterhooks for months, the Government looks set to clear London-listed mining group Vedanta Resources' $9.6 billion acquisition of Cairn India without any significant precondition. This follows the Oil Ministry watering down preconditions it had set for Vedanta to buy a 51 per cent stake from UK's Cairn Energy, sources with direct knowledge of the matter said. In a draft Cabinet note circulated for approving...
05:16 PM, Mar 02, 2011
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