Investors in Cairn India can heave a sigh of relief. Ending all uncertainties over the deal, the Cabinet gave its final approval to the Cairn Energy-Vedanta Resources deal on Tuesday.
The Petroleum Ministry had to approach the Cabinet Committee on Economic Affairs again seeking fresh approval after the Home Ministry pointed to the alleged global and domestic transgressions by Vedanta Group, including instances of human rights violations, payment defaults and environment concerns.
Last June, the Government had approved the stake sale proposal with certain riders, which was accepted by the buyer-seller and the shareholders of Cairn India.
Vedanta Resources on December 8, 2011, announced the completion of its acquisition of a controlling stake in Cairn India.
Vedanta acquired 58.5 per cent in Cairn India for a total consideration of $ 8.67 billion.