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
Former IPL Chairman, Lalit Modi had alleged that Chris Cairns fixed matches in the now defunct Indian Cricket League. ...
04:51 PM, Mar 26, 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
New Delhi: Cairn India has discovered natural gas reserves in the very first well it has drilled in the offshore Mannar Basin of Sri Lanka. Cairn had spud the well in early August and natural gas was struck last week, the company said. The Mannar basin in Sri Lanka is a frontier petroleum province that is yet to be explored. The Block, SL 2007-01-001, was awarded to Cairn in the...
03:14 PM, Oct 02, 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: Finance Minister Pranab Mukherjee on Thursday said the government's decision to clear the long pending $9.6 billion Cairn-Vedanta deal will send good signals to foreign investors. Mukherjee said the Cabinet cleared the recommendations on the deal given by a ministerial panel headed by him and the decision would "create appropriate sentiments in the market". He said this while talking to reporters after meeting of the Cabinet Committee on...
08:22 AM, Jul 01, 2011
New Delhi: The government said it granted Vedanta Resources conditional approval on Thursday to buy a stake in British oil explorer Cairn Energy's Indian business, in a deal valued at around $ 6 billion. Cairn Energy agreed last week to sell a 40 per cent stake in Cairn India to Vedanta. The sale, one of the largest in India's energy sector, has been delayed for more than 10 months due...
08:08 AM, Jul 01, 2011
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