Cairn hopes sale nod by March 2011

Nov 17, 2010 |

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London, Nov. 16: Cairn Energy Plc on Tuesday said it hopes to get approvals for sale of majority stake in its Indian arm to Vedanta Resources by first quarter of 2011, but in the same vein said the deal is not done till it is completed.

“We can never say never until the ball crosses the line but we are confident that we are on track as we said for completion in next year,” Cairn Energy Plc deputy CEO, Mr Mike Watts, said.

Cairn Energy is selling 40 to 51 per cent out of its 62.4 per cent stake in Cairn India to Vedanta for $8.48 billion.

The deal, is yet to get regulatory nod and partner approval. But Mr Watts, the person responsible for Cairn India’s assets including its three producing properties, used the expression “never say never”, giving rise to speculation that there might be issues in getting approvals.

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