Cairn to seek govt nod

Cairn Energy Plc chief executive Bill Gammell today said the company would seek the Government of India’s “endorsement and any necessary consent for Vedanta transaction”. Last week, Vedanta had said it would spend up to $9.6 billion to buy a majority stake in Cairn India from its UK-based parent Cairn Energy.

Speaking to analysts in London, Gammell said: “We continue to work closely with the Indian government, with whom we have built an enduring partnership, throughout this process. For the Vedanta transaction, we will seek the government of India’s endorsement and any necessary consent.”

Commerce Minister Anand Sharma said state-run Oil and Natural Gas Corporation, minority partner in Cairn India, should have the last word in Vedanta Resources' proposed acquisition of Cairn India. “It is a major decision. These are national resources,” he said.