Decision on Cairn-Vedanta deal in two weeks: Reddy

NEW DELHI: Oil minister Jaipal Reddy has said the cabinet is expected to consider giving approval to the $9.6-billion Cairn-Vedanta deal “next week or week after”.

week or week after”. Reddy said that the Group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee on the Cairn-Vedanta deal had already sent its recommendations to the cabinet secretariat to put in on the agenda of the cabinet committee on economic affairs or CCEA. “It will depend on the flexibility of the cabinet secretariat, it may come next week or week after,” he told reporters.

Cairn Energy is awaiting the government’s approval to sell a controlling stake in its Indian arm to Vedanta Resources since August 16 last year. The deal has been delayed because of a dispute between Cairn and its partner ONGC over royalty payments.