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The Cabinet Committee on Economic Affairs (CCEA) may on June 30 consider giving nod to Edinburgh-based Cairn Energy Plc selling stake in its Indian unit to London-listed mining group Vedanta Resources.
The $9-billion transaction is listed as the second item on the agenda of CCEA that will meet on 4.45 p.m. on Thursday, a source privy to the development said. As of now, the CCEA has just two items listed for discussion.
A Group of Ministers headed by the Finance Minister, Mr Pranab Mukherjee, had on May 27 recommended that the Government nod be given to the transaction only if Cairn or its successor agrees to bear a portion of royalty payable on its mainstay Rajasthan oil fields and also accepts its liability to pay cess on the crude oil produced from the fields.
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