Cairn to ask govt's aid to depart from India

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Mumbai, Aug 25: UK oil explorer Cairn Energy would ask the central government's aid in its attempt to to depart from India by selling a majority stake in its Indian arm to Vedanta Resources, official said on Tuesday, Aug 24.

"We will seek the government of India"s endorsement and any necessary consent," said chief executive Bill Gammell.

He also added, "We will continue to work closely with the Indian government, with whom we have built an enduring partnership, throughout this process."

Anil Agarwal owned Vedanta Resources on Aug 16 had offered to take over 60 percent in Cairn India for $9.6 billion.

Though the offer sparked objections from sections of the government that are seemingly reluctant to part with a profitable oil producing asset to Vedanta.

However, Vedanta officials have not said anything on the concerning issue.

In the context of new Exploration Licensing Policy, Vedanta said that they believe that no government approval was needed as the oil blocks in question were awarded to Cairn India.

Some government officials think that some oil blocks had been awarded to Cairn India under the Nelp, where the government"s nod is certainly needed.

OneIndia News

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