Companies

Cairn not to extend April 15 deadline for Vedanta deal

PTI Mumbai | Updated on February 18, 2011

BL 11-10-2010 MUMBAI:Mr.Bill Gammell, Chief Executive Officer, Cairn Energy addressing a press conference in Mumbai on Monday. Pic by SHASHI ASHIWAL

UK’s Cairn Energy Plc, which has proposed to sell most of its stake in its Indian unit to the mining group Vedanta Resources, has said that it will not seek an extension of the April 15 deadline to conclude the $9.6-billion deal.

“I don’t intend to go back to shareholders to extend the deadline,” the Cairn Energy CEO, Mr Bill Gammell, told reporters here today after meeting the Oil Minister, Mr S. Jaipal Reddy.

He said the company continues to be in dialogue with the Government to secure the necessary approvals to conclude the deal by April 15.

“I’m confident that things will move further satisfactorily,” he added.

Published on February 18, 2011

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