Indian energy firms could muscle in on $10bn Vedanta bid for Cairn

first_img whatsapp KCS-content whatsapp Monday 23 August 2010 8:35 pm Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Indian energy firms could muscle in on $10bn Vedanta bid for Cairn ALL options are open for Indian state energy firms to make a counter-bid to Vedanta Resources’ $9.6bn (£6.2bn) offer for control of Cairn India, an oil ministry source said.Oil and Natural Gas Corp (ONGC), Gail and Oil India are thought to be considering a joint bid for Cairn India, a unit of the UK’s Cairn Energy.ONGC, Gail and Oil India have held informal talks on a joint bid for Cairn India even as the ministry is looking at legal options to deny Vedanta approval for its planned deal. The oil ministry is said to be uncomfortable with billionaire Anil Agarwal-owned Vedanta Group buying a majority stake in Cairn India.The oil ministry has not given any direction to state firms to make a counter bid for Cairn India, the oil ministry source said.A banking source familiar with the matter said that ONGC, Oil India and Gail – all state-controlled ??– were considering a joint bid for Cairn India. The companies had not yet mandated any banks for a deal, the source said.ONGC, Oil India and Gail declined to comment.Cairn Energy will publish its interim results today. Share Tags: NULLlast_img

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