New Delhi, April 06: The Cabinet Committee on Economic Affairs (CCEA) today referred the USD 9.6 billion Cairn- Vedanta deal to a group of ministers after sharp differences emerged at its meeting here today.
“It has been referred to a Group of Ministers (GoM)…the GoM will be headed by Finance Minister Pranab Mukherjee,” Oil Minister S Jaipal Reddy said here.
Yesterday, the UK-based Vedanta Group had said it has received market regulator Sebi’s nod to acquire a 51 per cent stake in Cairn India and will launch an open offer soon.
Oil and Natural Gas Corp (ONGC) in July 2010, more than a month before Cairn Energy announced stake sale in its Indian unit to Vedanta, had said that royalty, like any other levy, is cost recoverable. It had cited provisions in the field contracts to assert its point.
-Agencies