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.