Companies

Cairn-Vedanta deal may be placed before Cabinet soon: Minister

PTI Panipat | Updated on February 15, 2011 Published on February 15, 2011

The Minister of Petroleum and Natural Gas, Mr S. Jaipal Reddy. (file photo)   -  The Hindu

The Oil Minister, Mr Jaipal Reddy, has said that the $9.6-billion Cairn-Vedanta deal is likely to go to the Cabinet for approval in two-three weeks.

“We cannot bailout any seller or buyer. We will not compromise on the concerns of ONGC,” he told reporters here today.

Mr Reddy said his ministry supported the state-owned Oil and Natural Gas Corporation’s claim that royalty should be treated as a cost recoverable item in Cairn India’s mainstay Rajasthan block.

“We are trying to expedite the process. I think it may go to the Cabinet in two-three weeks,” the Minister said.

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Published on February 15, 2011
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