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Anil Agarwal led Vedanta has pre conditions for $8.48 billio
By Frontier India | December 9th, 2010
The Anil Agarwal led Vedanta is inexperienced for the oil and gas operations. Govt may ask Vedanta to retain the Carin India management as a pre condition.
The Directorate General of Hydrocarbons, the oil and gas upstream (exploration) sector regulator, may want Vedanta to guarantee that operations at Cairn’s oil and gas assets will not be affected after Vedanta takes over. UK-based Cairn Energy insists that this is only a shere transfer and operations won’t be effected at all.
Financial and other obligations under the Production Sharing Contracts (PSC) Carin India had signed for 10 oil and gas properties, will have to be honoured too.
On October 8, Shareholders in oil explorer Cairn Energy Plc today approved plans to sell the bulk of the company’s stake in Cairn India to London-listed mining company Vedanta Resources Plc for up to $8.48 billion.
About 99 per cent of all the shareholders unanimously approved the sale of 40 to 51 per cent stake in Cairn India to Vedanta Group.
Subsequently the deal was in controvercy as Govt had stepped in because of its strategic importance