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New twist in Cairn's Indian sale saga
CAIRN Energy's sale of its Indian subsidiary to Vedanta Resources could be referred to the Indian cabinet.
Reports from India yesterday suggested that the oil minister may look for the cabinet to give its approval for the deal, which was due to be concluded in December but is now expected to drag on until at least 15 April.
Cairn India last week vowed to reject any change in royalty payment terms on its oil fields in Rajasthan that could hurt its value and in turn jeopardise Vedanta's 5.4 billion acquisition of a majority stake in the Scottish firm's subsidiary.
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Weather for Edinburgh
Friday 25 May 2012
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