Cairn Energy may extend Vedanta sale deadline again

Posted By: Religare
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Cairn Energy may extend Vedanta sale deadline again
British energy major, Cairn Energy Plc may have to miss the 20 May, 2011 deadline for concluding a 40 per cent stake sale in its Indian arm, Cairn India Ltd to Vedanta Resources, as the ministerial body vetting the deal has expressed inconvenience to meet before 19 May, 2011.

A Government official quoted, "There is no indication of the GoM meeting being held this week. Finance Minister's office has inquired of availability between May 17 and 19 and it is very unlikely that the meeting can take place before that."

Chief Executive of Cairn Energy Plc is deeply concerned on the probability of missing the deadlines as the meeting of the Group of Ministers (GoM) might take more than one sitting to evaluate the proposal, after which the matter will be send to the Cabinet Committee on Economic Affairs (CCEA) for the final note of approval.

Read more about: cairn india, ccea, nse, bse, oil and gas
Story first published: Thursday, May 12, 2011, 12:32 [IST]
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