Cairn-Vedanta deal may go to Cabinet in 2-3 weeks

Oil Minister Jaipal Reddy today said the $9.6 billion Cairn-Vedanta deal is likely to go to the Cabinet for approval in two-three weeks time.

"We cannot bailout any seller or buyer. We will not compromise on concerns of ONGC," he told reporters here.

Reddy said his ministry supported State-owned Oil and Natural Gas Corporation's claim that royalty should be treated as cost recoverable item in Cairn India's mainstay Rajasthan block.

"We are trying to expedite the process. I think it may go to the Cabinet in two-three weeks," the minister said.