By IANS,
New Delhi: The state-run ONGC has said it “consciously” did not counter-bid for Cairn India after Vedanta Resources made a multi-billion dollar offer for a majority stake.
“If ONGC did not make an offer, that was done consciously,” ONGC chairman and managing director R.S. Sharma told reporters here Thursday.
London-listed Vedanta had made an offer of $9.6 billion to buy the stake of Cairn Energy in its India branch, Cairn India. ONGC, with a 30 percent stake in Cairn’s Rajasthan block, has a right to first refusal of Cairn India’s assets.
“That has been a conscious decision considering all legal aspects, considering all commercial aspects and the interest of the company,” he reiterated.
As per regulations, Sep 7 was the deadline for making a counter-offer for Cairn India, but ONGC could still exercise pre-emption right before Cairn Energy’s extraordinary general meeti