New Delhi, April 06: In a possible spoiler to the USD 9.6 billion deal, the Cabinet Committee on Economic Affairs (CCEA) today referred the issue of acquisition of Cairn India by UK-based Vedanta Resources to a group of ministers.
The move followed differences in the Cabinet panel on whether Vedanta should be given unconditional approvals for the nation’s biggest buyout in the energy sector or with conditions attached.
“It has been decided in the meeting of CCEA that the issue of clearance of sale of Cairn’s share to Vedanta should be reffred to GoM and the GoM will be headed by Parnab Mukherjee,” Oil Minister S Jaipal Reddy told reporters here.
The Edinburgh-based Cairn Energy Plc, which is selling majority of its stake in its Indian unit, and Vedanta have set April 15 as the deadline for the conclusion of the transaction.
–Agencies