ONGC interests key to Cairn deal: Oil ministry

Petroleum minister Jaipal Reddy has told Cairn chief Bill Gammell that the Cairn-Vedanta deal will get clearance only after Oil and Natural Gas Corporation’s concerns are addressed.

“I told him (Gammell) the government will support the deal in-principle, but some of ONGC’s concerns need to be addressed before clearing the deal,” said Reddy. Gammell, CEO, Cairn Energy, today met Reddy to discuss his company’s proposed sale of a majority stake in subsidiary Cairn India to Vedanta Resources. Gammell described the 30-minute meeting as “positive and constructive” and said he was hopeful of concluding the $9.6 billion deal by April 15.