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Cairn-Vedanta deal gets Home Ministry approval

The Home Ministry has given its approval to London-listed miner Vedanta Resources' buying majority stake in Cairn India for $8.7 billion. The Home Ministry, while giving the security no-objection certificate (NOC), highlighted eight areas of concern, including 64 legal proceedings against Vedanta and its subsidiaries in various courts, sources privy to the development said. The security clearance was one of the conditions that the government had set for Vedanta group buying 40% stake in Cairn India from UK's Cairn Energy Plc. Cairn Energy and Vedanta have already agreed to the other ...