Cairn asserts it has no differences with Govt or ONGC
Press Trust of India / New Delhi Sep 16, 2010, 17:30 IST
Cairn Energy Plc today said it has no differences with the oil ministry or with partner ONGC on sale of majority stake in its Indian arm for which it is seeking all necessary approvals and expects to close the deal by year-end or early 2011.
"It makes good copy (to highlight differences between Cairn Energy and the government or ONGC). But believe me their are no differences," Cairn Energy Plc Chief Executive Bill Gammell said here today.
He said he expects Cairn to sell the majority stake in Cairn India to London-listed Vedanta Resources and close the deal by year-end or early next year.
"We are seeking all necessary appprovals... And are working with the government and our partner ONGC (on the issue)," he added.
ONGC has a 30 per cent interest in the 6.5 billion barrel Rajasthan fields, the centrepiece of the Cairn-Vedanta deal
Vedanta Resources Group is yet to get market regulator Sebi's approval for an open offer to acquire up to a 20 per cent stake from minority shareholders at a price of Rs 355 a share, Rs 50 less than what it is paying Cairn Energy for a majority stake.
The open offer, as per the schedule announced by Vedanta last month, is to open on October 11.
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Cairn Energy Plc today said it has no differences with the oil ministry or with partner ONGC on sale of majority stake in its Indian arm for which it is seeking all necessary approvals and expects to close the deal by year-end or early 2011.
