ONGC, which is a 30 per cent partner with Cairn India in the giant Rajasthan oil field, had claimed that it had preemption or right of first refusal in Cairn India assets, like the Rajasthan block.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources.
UK's Cairn Energy Plc on Tuesday said it will seek shareholder nod for sale of majority stake in its Indian arm, Cairn India, to London-listed Vedanta Resources Plc for up to $8.48 billion on October 7.
British oil firm Cairn Energy Plc on Tuesday announced a second significant oil discovery in its Rajasthan block, where it had in January found India's largest field in more than two decades.
British energy firm Cairn Energy Plc on Thursday said it will pay all taxes due, both in India and the United Kingdom, on the $8.48 billion it will gain from selling a majority stake in its Indian arm to Vedanta Resources.
The Centre and Oil and Natural Gas Corporation's decision on the $-8.5 billion deal was taken after due deliberation, the apex court said.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
Scottish explorer Cairn Energy has struck an estimated 20 million tonnes of oil and gas reserves in Rajasthan.
World rapid champion Koneru Humpy claimed her second title in the last two months by emerging triumphant at the Cairns Cup chess tournament following a draw against compatriot Dronavalli Harika in the ninth and final round, in St Louis, United States. Humpy, who was crowned World champion in December, finished the tournament with six points. The icing on the cake was that Humpy will gain five ELO rating points (the basis for international rankings) and move to second place in the world rankings.
Cairn Energy India's initial public offering of 32.88 crore (328.8 million) shares will open on December 11 and close on December 15 at a price band of Rs 160-190 per share.
Former Indian Premier League chairman Lalit Modi failed in his appeal against a 90,000 pounds (approx Rs 74 lakh) libel award to former New Zealand captain Chris Cairns over match-fixing allegations.
The $9.6-billion deal is contingent upon government nod as the deal involves change of ownership of strategic assets like the giant Rajasthan oilfields.
With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.
After the success of Barmer oil fields in Rajasthan, Cairn India - the second largest oil and natural gas explorer in the country - bets heavily on wildcat drilling.
Cairn India has drawn strength from its Scottish parent, but also built new systems and processes to support its role in the country's oil sector.
State-run Oil and Natural Gas Corp (ONGC) may seek management control of the giant Rajasthan oilfields in lieu of allowing UK's Cairn Energy to sell majority stake in its Indian arm that now operates the field, to a non-oil firm, Vedanta Resources for $8.48 billion.
Former New Zealand cricketer Chris Cairns expects to be charged with perjury this month by British authorities and will travel to Britain to defend himself, the player said on Friday.
Its three-year compounded growth rate is 119.8 per cent.
Government has approved Cairn Energy's one-billion dollar development plans for four of the 18 oil discoveries made by the British firm in its Rajasthan block.
Mangalore Refinery and Petrochemicals Ltd (MRPL) will double offtake of crude oil from Cairn India's Rajasthan fields to 0.4 million tons this fiscal.
Cairn India can produce up to 2,40,000 barrels per day from its prolific Rajasthan fields, equivalent to output from the nation's largest oilfield of Mumbai High, the company has informed the government.
UK-based Cairn Energy will invest $1.33 billion in its Rajasthan oilfields to produce 1,25,000 barrels per day from mid-2007, an official said on Friday.
Cairn India had written to the petroleum ministry about its plans for the block, said a person close to the development.
Cairn India, which found India's largest oil field in Rajasthan in over 30 years, has discovered a saline water reservoir near its oil field that will help pump crude oil to the ground level and enhance production.
The petroleum ministry has sought legal advice on payment of production tax by Cairn Energy of the UK on the crude oil it plans to produce from the Barmer district discovery in Rajasthan.
Cairn Energy of UK has said its Rajasthan oilfield can produce up to 150,000 barrels per day by 2007-end, 50 per cent more than the previously estimated 100,000 barrels per day.
An emotional Chris Cairns has said he is '100 per cent in the dark' about the ICC's allegations of match-fixing against him and would co-operate with the anti-corruption unit's investigators to come out clean.
Oil and gas exploration major Cairn India Ltd on Tuesday got listed at Rs 140 on the Bombay Stock Exchange with a discount of 12.5 per cent over its issue price of Rs 160.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
While UK's Vodafone Group fights its tax liability in courts, British firm Cairn Energy Plc on Wednesday said it will pay all taxes due, both in India and the United Kingdom, on the $8.48 billion sale of a majority stake in its Indian arm to Vedanta Resources.
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
The shareholders will also get one redeemable preference share in Vedanta Ltd
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
The companies want to drill exploration wells in already producing oil and gas fields.
A plea of the UK-based Vedanta group company to export its share of crude oil from Barmer oil field in Rajasthan was on Tuesday rejected by the Delhi high court on the ground that domestic crude cannot be exported till India attained "self sufficiency".
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
The company plans to begin drilling in Bihar's Gangetic basin by next year. It has completed the seismic surveys and is currently studying the data collected to understand the geological structures below the surface.
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