Cairn India to complete sale of 51 per cent stake by April
27 Jan 2011
Cairn Energy Plc today said its $8.48 billion deal to sell up to 51 per cent stake in its Indian unit to mining company Vedanta Resources Plc is expected to be completed by 15 April this year.
The Edinburgh-based company further said it was in discussions with the petroleum ministry for resolution of all outstanding issues that are critical for operations at its assets like the giant Rajasthan oilfields.
"We have full faith in the government approval procedure and are confident of moving forward in an amicable manner to enhance our contribution to our country's energy needs," Cairn India spokesperson said today.
On 21 January, the company had written to the oil ministry complaining about "delays in getting timely approvals on (routine) matters that have an adverse effect on the exploration, development and production schedules."
"We are in discussion with ministry of petroleum and natural gas to resolve all outstanding issues," the Cairn spokesperson said.
In its 21January letter, the company had listed out half a dozen pending issues like finalisation of the point for effecting crude sale from Rajasthan block to private refiners, the sale of Rajasthan crude to Reliance's only-for -export refinery and allocation of crude oil produced from its fields for 2011-12.