Deals
Vedanta Gets Formal Approval of Cairn Takeover From India
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Vedanta Resources Plc received formal approval from India to take over Cairn Energy Plc’s domestic unit on condition an agreement is reached on sharing royalty payments currently covered by state-run Oil & Natural Gas Corp.
Vedanta and Cairn Energy must agree the payments by ONGC, owner of 30 percent of a joint venture with Cairn India Ltd. to develop the Rajasthan field, are “cost recoverable,” according to the conditions published by Vedanta in a statement today.