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
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
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: DMK leader MK Stalin, who was taken into preventive custody on Thursday morning in Thanjavur, has been released by the Tamil Nadu Police. He had objected to the police from stopping his cavalde and threatened to stage a road-block. After the police intercepted his convoy, Stalin threatened to hold a jam and demanded that the police show him the arrest warrant. DMK member Pundi Kalaivanan travelling with Stalin,...
01:13 PM, Jul 30, 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
Bhubaneshwar: In a major setback for Vedanta Aluminium Ltd, the Orissa High Court has rejected the company's plea for a six-fold expansion its refinery in Lanjigarh in the state. Vedanta Aluminium Ltd had moved the High Court challenging the Centre's stalling of its refinery expansion plan. Vedanta was in the process of expanding the capacity of its 1 million tonne per year alumina refinery at Lanjigarh to 6 million tonnes...
12:17 PM, Jul 19, 2011
Karan Thapar: Hello and welcome to Devil's Advocate in a special interview with the new Environment Minister. How does she see her job and how will she face up to the challenges she has to contend with? This is the key issue I shall explore today with Jayanthi Natrajan. Mrs Natrajan, congratulations on becoming the Environment Minister. It took the media by surprise, was it a surprise for you as...
04:47 PM, Jul 17, 2011
Karan Thapar: Hello and welcome to Devil's Advocate in a special interview with the new Environment Minister. How does she see her job and how will she face up to the challenges she has to contend with? This is the key issue I shall explore today with Jayanthi Natrajan. Mrs Natrajan, congratulations on becoming the Environment Minister. It took the media by surprise, was it a surprise for you as...
04:47 PM, Jul 17, 2011
New Delhi: Jayanthi Natarajan, the new Environment Minister has assured that she strive to end the uncertainty surrounding environment clearances for major projects like POSCO and Vedanta. She said that she will ensure that her ministry takes speedy decisions when it comes to green clearances. Natrajan in conversation with Karan Thapar on Devil's Advocate. Karan Thapar: Often environment ministry is blamed unnecessarily but equally important, it is blamed rightly, when...
08:48 AM, Jul 17, 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
New Delhi: A day after the Government referred its $9.6 billion deal to a panel of ministers, UK's Cairn Energy Plc on Thursday said it has extended the deadline for completion of the sale of a majority stake in its Indian unit to Vedanta Resources by over a month to May 20. Cairn Energy's sale of a 40 to 51 per cent stake in Cairn India and the subsequent open...
02:08 PM, Apr 07, 2011
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