Cairn-Vedanta deal gets security clearance from Home Ministr

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Cairn-Vedanta deal gets security clearance from Home Ministr

Cairn-Vedanta deal gets security clearance from Home Ministry
Posted: Sat Dec 03 2011, 01:23 hrs

The Union Home Ministry has given its “security no-objection certificate” to the $8.71 billion share sale by Cairn India (CIL) to Vedanta on the national security angle but highlighted eight areas of concern, including 64 legal proceedings against Vedanta and its subsidiaries in various courts.

“Independently of the above security clearance, the group has come to notice of involvement in some cases of default of payment, human rights violations, environmental damage in its mining and metal projects etc in India and abroad,” says the Ministry in its November 25 letter to the Petroleum Ministry.

Though these “adverse comments/facts” did not have a “direct bearing on security NOC”, they needed to be highlighted, it added.

These include: alleged Customs duty evasion by Sesa Goa Ltd in iron ore exports that was later paid off by Sesa Goa; case filed by the Directorate of Revenue Intelligence against Hindustan Zinc Ltd for which investigation was still in progress.
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Message Lun 5 Déc 2011 09:23

Cairn cleared for India sale to Vedanta

Cairn cleared for India sale to Vedanta
By James Lamont in New Delhi
London-listed Cairn Energy can press ahead with its much-delayed $6.5bn sale of a controlling stake in its Indian unit to Vedanta, after receiving the outstanding approvals from the Indian government.
Vedanta’s bid for Cairn India, which operates oilfields in Rajasthan, has faced strong regulatory scrutiny in India since it was launched 15 months ago. The production contract has had to be renegotiated after a dispute over royalties to be paid to the Indian government. David Cameron, the British prime minister, intervened earlier this year to try to break the deadlock.

“We are there,” a spokesman for Cairn India told the Financial Times, after receiving security clearance from India’s Home Ministry.
The group has also received a “no objection” certificate, first agreed in September, from India’s Oil and Natural Gas Corporation (ONGC), its partner in the oil venture.
The wrangling over the Cairn transaction, and a $2.5bn additional tax bill levied upon telecoms company Vodafone’s acquisition of Hutchison Whampoa’s Indian assets, have created anxiety about the treatment of large foreign investments in India.
Cairn Energy had earlier hoped the deal would be completed by the end of September but some feared it would drag into 2012. The security clearance means that the transaction can be completed in the coming days to allow London-listed Vedanta to take up a controlling stake in Cairn India.
The Indian cabinet agreed a new set of conditions for the sale earlier this year, including the sharing of royalty payments with ONGC, which owns 30 per cent of the Rajasthan fields. Until now, ONGC has been responsible for all royalty payments. The new conditions also include the withdrawal of arbitration over a tax dispute.
Under the revised offer, Cairn Energy will retain a 22 per cent stake in Cairn India. It expects that the resolution of the dispute over royalties will open the way for improved co-operation with ONGC and a rapid expansion of production in Rajasthan, which was stalled by the uncertainty surrounding the deal.
The revisions mean that Cairn Energy is no longer bound by non-compete terms set out in Vedanta’s original bid of August last year. The Edinburgh-based company would have the freedom to explore for oil and gas in India separately from the Vedanta-controlled Cairn India.
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Message Lun 5 Déc 2011 09:29

Re: Cairn-Vedanta deal gets security clearance from Home Min

maintenant Vedanta a besoin de financer totalement l'opération sans mettre en jeu sa notation tout en lui permettant de pouvoir continuer sa politique d'acquisition / investissement.

A court / moyen terme, la vente d'actifs est inéluctable
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Message Lun 5 Déc 2011 13:14

Home ministry clears Cairn-Vedanta deal

Home ministry clears Cairn-Vedanta deal
Updated on Monday, December 05, 2011, 16:33

New Delhi: The home ministry has cleared British oil firm Cairn Energy's USD 6 billion deal to sell a stake in its Indian business to Vedanta Resources in the final government approval needed, a source with direct knowledge of the matter said on Monday.

Cairn Energy has been waiting for more than a year to conclude the deal which will see miner Vedanta buy a majority stake in oil producer Cairn India.

Vedanta said in November it expected to complete the deal within this quarter.

A spokeswoman for the interior ministry could not comment immediately.
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Message Lun 5 Déc 2011 14:06

Home ministry clears Cairn-Vedanta deal

Home ministry clears Cairn-Vedanta deal: source

NEW DELHI | Mon Dec 5, 2011 5:19pm
(Reuters) - The home ministry has cleared British oil firm Cairn Energy's (CNE.L) $6 billion deal to sell a majority stake in its Indian business to Vedanta Resources (VED.L), marking the final government approval needed, a source with direct knowledge of the matter said.

The security clearance from the interior ministry will help move the deal, one of the largest in India's energy sector, towards a conclusion. The deal had been held up for more than a year, mainly due to a disagreement between Cairn and its Indian partner Oil & Natural Gas Corp (ONGC.NS) over royalty payments.

Cairn Energy said on October 20 it expected to conclude the deal shortly, while Vedanta said last month it expected the deal to be completed this quarter.

A spokeswoman for the interior ministry could not comment immediately when contacted by Reuters.

State-run ONGC, which has a 30-percent holding in the Cairn-operated oil and gas fields in western India, agreed in late September to give a no-objection certificate to the deal after Cairn agreed to conditions including the sharing of royalty burden.

India's federal cabinet had given a conditional approval in June this year to the deal, which would give India-focused miner Vedanta a foothold in the oil and gas space.

Cairn Energy, which will own a 22 percent stake Cairn India (CAIL.NS) after the deal, has shifted its focus from India to exploration in Greenland, where it has so far been unsuccessful.

Shares in Cairn India closed 1.5 percent higher in a weak Mumbai market. At 1113 GMT, Cairn Energy shares were up 3 percent in London trading, while Vedanta rose 0.7 percent.

(Reporting by Devidutta Tripathy; Editing by Aradhana Aravindan)
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Message Lun 5 Déc 2011 14:08

Re: Cairn-Vedanta deal gets security clearance from Home Min

La multiplication des parutions à propos de cette information est bien le signe de son importance.
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Message Lun 5 Déc 2011 14:10

Re: Cairn-Vedanta deal gets security clearance from Home Min

Finalement Vedanta doit être content du délai car ça retardé la sortie de cash de façon importante pour un prix identique.

Ils sont forts ces indiens....
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Message Mar 6 Déc 2011 07:49

India interior ministry clears Cairn-Vedanta deal

UPDATE 1-India interior ministry clears Cairn-Vedanta deal
Mon Dec 5, 2011 11:45am GMT

NEW DELHI Dec 5 (Reuters) - India's interior ministry has cleared British oil firm Cairn Energy's $6 billion deal to sell a majority stake in its Indian business to Vedanta Resources, marking the final government approval needed, a source with direct knowledge of the matter said.

The security clearance from the interior ministry will help move the deal, one of the largest in India's energy sector, towards a conclusion. The deal had been held up for more than a year, mainly due to a disagreement between Cairn and its Indian partner Oil & Natural Gas Corp over royalty payments.

Cairn Energy said on Oct. 20 it expected to conclude the deal shortly, while Vedanta said last month it expected the deal to be completed this quarter.

A spokeswoman for the interior ministry could not comment immediately when contacted by Reuters.

State-run ONGC, which has a 30-percent holding in the Cairn-operated oil and gas fields in western India, agreed in late September to give a no-objection certificate to the deal after Cairn agreed to conditions including the sharing of royalty burden.

India's federal cabinet had given a conditional approval in June this year to the deal, which would give India-focused miner Vedanta a foothold in the oil and gas space.

Cairn Energy, which will own a 22 percent stake Cairn India after the deal, has shifted its focus from India to exploration in Greenland, where it has so far been unsuccessful.

Shares in Cairn India closed 1.5 percent higher in a weak Mumbai market. At 1113 GMT, Cairn Energy shares were up 3 percent in London trading, while Vedanta rose 0.7 percent.
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