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Cairn Energy expects to get mandatory approvals for its stake sale in Cairn India Ltd to Vedanta Resources by May 20.
“Cairn continues to work in a positive and constructive manner with the Government of India to secure the necessary approvals to complete the Vedanta transactions. We are hopeful we'll get Government approval by May 20,” Sir Bill Gammell, CEO, Cairn Energy, told newspersons here.
Cairn Energy proposes to sell a maximum 51 per cent stake in Cairn India to Vedanta Resources for up to $8.48 billion.
Last August, Cairn Energy and Vedanta had announced the proposed deal. But, due to delays in getting mandatory approvals Cairn Energy had to extend its deadline for the stake sale from April 15 to May 20.
To look into the deal the Cabinet Committee on Economic Affairs has referred the matter to a Group of Ministers headed by the Finance Minister.
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