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ONGC’s interest to be fully protected: Deora
NEW DELHI, OCT 27 (IANS):
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Published on 27 Oct. 2010 11:24 PM IST
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The government will “fully protect” the interest of state-run ONGC while considering the application for acquisition of Cairn India by the Vedanta Group, Petroleum Minister Murli Deora said Wednesday.
The Anil Agarwal-led Vedanta Group has made an offer of $9.6 billion to acquire 51-60 percent of the Indian subsidiary of the London-based Cairn Energy. ONGC holds 30-50 percent stake in each of Cairn India’s three oil blocks, as well as some NELP (New Exploration Licensing Policy) blocks like in the Krishna-Godavari Basin, where gas has been discovered.
Cairn Energy has maintained that ONGC’s preemptive rights would not get triggered as the deal does not involve sale of Cairn India’s assets to Vedanta but is only a corporate transaction involving transfer of shares.
The Petroleum Secretary, S. Sundareshan, denied that the government is dragging its feet on taking a decision on the Cairn-Vedanta deal.

 
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