Tweet
Cairn-Vedanta deal: OilMin goes to Cabinet again
The $8.48-billion Cairn-Vedanta deal may have concluded and all government pre-conditions met, but the Oil Ministry has approached the Cabinet again for a fresh approval in view of the Home Ministry pointing to the alleged global and domestic “transgressions” by Vedanta group.
The Home Ministry, giving its security clearance for Vedanta buying majority stake in Cairn India, had on November 25 pointed to 8 instances of the mining group or its affiliates being involved in cases of default of payment, human rights violations or environmental damage.
Sources said the Oil Ministry approached the Cabinet Committee on Economic Affairs (CCEA) “to bring on record” the transgressions pointed by the Home Ministry.
“The material provided by the Ministry of Home Affairs has no bearing whatsoever on the security aspects,” the note to the CCEA states.
The $8.48-billion Cairn-Vedanta deal may have concluded and all government pre-conditions met, but the Oil Ministry has approached the Cabinet again for a fresh approval in view of the Home Ministry pointing to the alleged global and domestic “transgressions” by Vedanta group.
The Home Ministry, giving its security clearance for Vedanta buying majority stake in Cairn India, had on November 25 pointed to 8 instances of the mining group or its affiliates being involved in cases of default of payment, human rights violations or environmental damage.
Sources said the Oil Ministry approached the Cabinet Committee on Economic Affairs (CCEA) “to bring on record” the transgressions pointed by the Home Ministry.
“The material provided by the Ministry of Home Affairs has no bearing whatsoever on the security aspects,” the note to the CCEA states.
