By IANS,
New Delhi : A group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee will examine the $9.6 billion Cairn-Vedanta deal as the union cabinet failed to take a decision on the issue due to sharp differences.
“A Group of Ministers (GoM) will examine into the matters relating to both royalty and cess,” Petroleum Minister S. Jaipal Reddy told reporters after a meeting of the Cabinet Committee on Economic Affairs here.
Reacting on the development, Pranab Mukherjee said the GoM would examine the matter from various angles and submit its report soon.
“It is a complex matter. From various angles it will be examined and very shortly it will be done,” Mukherjee told reporters.
Anil Agarwal-led Vedanta Group has made an offer of $9.6 billion to acquire 51 percent of the Indian subsidiary of the London-based Cairn Energy.
Oil and Natural Gas Corporation (ONGC) holds 30 percent stake in each of Cairn India’s three oil blocks as well as some NELP (New Exploration Licensing Policy) blocks like in the Krishna-Godavari Basin, where gas has been discovered.
Vedanta Group Tuesday said it had received approval of the market regulator – Securities and Exchange Board of India (SEBI) for the deal.