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Submitted by Keshav Seth on Sat, 01/22/2011 - 03:36.
s-jaipal-reddyThe new oil Minister, Mr. S Jaipal Reddy has said on Thursday that, the reply to the approval of Vedanta Resources' USD 9.6 billion acquisition of Cairn India will be given very soon.
Reddy has said that, the issues concerning Cairn-Vedanta have legal allusions so some of them have been referred to the law ministry for explanation. He has also said this after taking the control of the oil ministry. Earlier Murli Deora was the Union oil minister.
The decision on this deal was hanged for almost six months, however Reddy's response to questions showed that he was well versed with the issues complicated and the decision to be taken.
He has assured that they wouldn't waste their time and promptly take the steps for this the case referring to the requirement of government's nod for Edinburgh-based Cairn Energy Plc. It was sanctioning to sell its 40 to 51% stake in its Indian unit to billionaire Anil Agarwal-led Vedanta.
Earlier this month the Prime Minister's Office (PMO) had asked Oil Ministry to decide on giving consent to the deal by January end.