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 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.
Company will also launch a global road show from May 23 for the bond placement.
However, the proposal is yet to be placed before the State Level Single Window Clearance Authority. Sources said the environmental 'carrying capacity' study being commissioned by the Orissa State Pollution Control Board in the Sambalpur-Jharsuguda belt and the state government's reported reluctance to provide more bauxite mines to VAL are delaying matters.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
London-listed Vedanta Resources has cut its capital expenditure by $5 billion to counter the sharp fall in prices of non-ferrous metals.
Vedanta Resources, the Indian mining company floated last month, has said copper and zinc production had increased sharply over the last quarter and commodity prices in India had begun to improve.
ONGC, which partners Cairn India in its crown jewel oilfields in Rajasthan and seven other properties in India, has waived its preemption rights over the deal and given a no-objection certificate, sources privy to the development said.
India-focused mining conglomerate Vedanta Resources reported 49 per cent growth in its core profits to $2.562 billion for the half year ended September 30, 2012, buoyed by earnings from subsidiary Cairn India.
The announcement came just ahead of the meeting of a ministerial panel, headed by Finance Minister Pranab Mukherjee, to look into the Cairn-Vedanta deal which was struck in August.
After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
The plan includes raising the capacity of its aluminium smelter to 2 million tonne, Lanjigarh alumina refinery capacity to 5 million tonne per annum and generation of 4,000 MW power in the state. About 700 small and medium enterprises can come up in the proposed aluminium park. Vedanta will not only supply the metal required for these units, but also supply them power from its 4,000 MW power plant in the locality.
Terming the state government notifications made for the land acquisition for the proposed university as illegal, a division bench comprising Chief Justice V Gopalgowda and Justice B P Das directed the company on Tuesday to return the awarded land to the original owners.
Albanese said India had lost a lot of market share in iron-ore.
London-based Vedanta Group said it was not going to apply afresh for 'green' clearance to expand its aluminium refinery project in Orissa's Kalahandi district, even after being advised by the Union environment and forests (MoEF) ministry to do so.
Given the serious allegations against the firm, did these members of the board fail in their duty to safeguard the interests of stakeholders?
Earlier, a government panel had said no to the controversial project in Orissa citing violation of a series of laws by it in active collusion with state government officials.
About 200,000 school children will be benefited through E-Sikshya project, an official said, adding that the project aims at bridging the gap by providing quality E-Content on English, Science, Mathematics and Social Science for the students of standard VI to X, which will be delivered by using a projector.
The state government has already decided to challenge Orissa High Court's July 14 judgement that set aside recommendation of Posco-India's name for prospecting license (PL) over Khandadhar iron ore reserve.
After months of dithering, UK's Cairn Energy on November 25 applied for government nod to transfer control in its three producing assets, including the prolific Rajasthan fields to Vedanta Resources.
More than three weeks after it announced the sale of a majority stake in its Indian arm to Vedanta Resources, UK's Cairn Energy Plc has formally applied to the government for approvals, saying it will meet all contractual requirements needed to fructify the deal.
The recent Vedanta verdict is an aberration, not a trend, feels Nityanand Jayaraman.
London-based Vedanta Resources has said it would acquire 51 per cent controlling stake in Zambia-based Konkola Copper Mines for $48.2 million (over Rs 222 crore).
The Edinburgh-based firm's current application seeking the nod for sale of 40 to 51 per cent in Cairn India, for up to $8.48 billion, has left out three producing properties, including the giant Rajasthan oilfields.
The mining major is selling the company to reduce its debt.
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.
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.
Asia's richest man, Mukesh Ambani, signed off an address to employees last week by assuring them that 2024 would be better than 2023 for both Reliance Industries and India. Ambani isn't an exception. Promoters and their representatives from several other conglomerates have expressed similar optimism.
Celebrations, of course, will happen when Congress scion, Rahul Gandhi, who anointed himself as the 'sepoy of Niyamgiri tribals in Delhi' at a public meeting here in 2008, visits the area again shortly.
There are no guesses on how many times the group of ministers will meet before any clarity emerges on the $9.6-billion deal.
The National Company Law Appellate Tribunal on Monday stayed industrialist Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-takeover bid of debt-ridden Videocon Industries. A two-member NCLAT bench headed by its Officiating Chairperson Justice A I S Cheema stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9. The National Company Law Appellate Tribunal's (NCLAT) direction came over two petitions filed by unsatisfied creditors -- Bank of Maharashtra and IFCI Ltd. The appellate tribunal has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star.
The Indian firms, which qualified for the final bid in October 2008, have submitted their technical and financial proposals to operate the mine as well as to construct a 400 mega watt (mw) thermal power plant near the mine. William Musama, chief executive officer of ZCCM Investments Holdings, the owner of the mine, recently told African media that the two firms had submitted their technical and financial offers and that a preferred bidder would be selected soon.
'While lower steel prices may impact a part of the quarter, this will be offset by softer raw material prices.'
Nearly 90 per cent of the stocks comprising the National Stock Exchange Nifty 500 Index and 49 of the 50 stocks that make up the Nifty50 are trading above their respective 200-day moving averages (DMAs). The 200-DMA is considered one of the most relevant trend indicators by investors and traders. They believe that stocks and indices trading above this key level exhibit strength and are likely to rally, while those trading below this level are viewed as bearish, with the stock/index expected to see a selloff.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
A CCEA meeting is scheduled for tomorrow but the approval for the Cairn-Vedanta deal is not listed on its agenda so far.
The maintenance work will include operations such as removal of remaining gypsum and leachate handling operations among others. Based on this, the district administration has now allowed the firm to maintain the plant after five years.
Oil ministry will move Cabinet Committee on Economic Affairs once comments from ministries of finance, law, home, environment and corporate affairs are received.
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