ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
Apparently making amends to past slip-ups, UK's Cairn Energy on Thursday courted the government and ONGC to clear-up "misgivings" on sale of majority stake in its Indian arm to Vedanta Resources.
A day after announcing withdrawal from its chip-making JV with Indian conglomerate Vedanta, Foxconn on Tuesday said it is working on plans to apply for incentives under semiconductor and display fab programme, as the contract manufacturer pledged its commitment to India. The Taiwanese electronics manufacturing giant said it has been actively reviewing landscape for optimal partners. The comment assumes significance as Foxconn has pulled out from the $19.5 billion semiconductor JV with Vedanta.
Stocks of Indian steel companies are reeling from pricing pressure that is partly blamed on cheap imports. The stocks have declined up to 9 per cent on the NSE in one month, likely allowing investors an opportunity to use the correction to enter the pack as pricing pressure eases. "In steel or any other commodity, if prices or spreads are nearing their bottom, it can be an opportune time to invest in those stocks.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
Pressure is mounting on the Church of England, a stakeholder in the British mining giant Vedanta to "use its power" to refrain it from exploiting bauxite from mountains of Orrisa, considered sacred by the local tribals.
The shareholders will also get one redeemable preference share in Vedanta Ltd
Seeks talks after court battle lost.
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.
The most significant development over the last 10 years is that such organisations have accepted the need to operate on the basis of the principle of FPIC, namely Free, Prior and Informed Consent, by the local people whom a mining project affects.
Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
In a setback to the Cairn-Vedanta deal, Solicitor General Gopal Subramanium has reaffirmed that the government can impose preconditions like equitable sharing of royalty in the all-important Rajasthan block for clearing Vedanta Resources' takeover of Cairn India.
Vedanta Resources, the UK-listed mining group, is planning to invest $20bn in India in the next four years to expand its metals, mining and electricity generation operations in the country.
The Vedanta Group, which was issued a show cause notice for allegedly flouting environment laws, will appear before the Union Ministry of Environment and Forest (MoEF) on Thursday
Beating rivals like China Metallurgical and Xstrata, Vedanta Resources on Monday said it has finalised a deal with the London-based Anglo American's entire zinc business in Ireland and Africa for $1.34 billion deal.
The UK-based Cairn Energy on Tuesday said it will seek government's "endorsement" and necessary consent for selling its majority stake in Cairn India to London-listed Vedanta Resources for $8.48 billion.
Indian companies are investing up to $600 million every year and creating jobs and contributing to the British economy.
UK-based metals major Vedanta Resources came under more pressure as it was revealed on Tuesday that one of its group companies, Balco, is a supplier of refined aluminum to the Indian defence sector. This information is now being used by human rights campaigners to urge investors like the Church of England to divest from Vedanta Resources to keep in line with the church's policy of not investing in companies that are involved in any way in armament production.
The Securities and Exchange Board of India on Tuesday approved the open offer of Vedanta Resources for Sesa Goa.
The Plan panel on Wednesday said the government's refusal to accord environment clearance to Vedanta's proposed $1.7 billion aluminium project in Orissa would not tarnish India's image as an investment friendly destination.
Prominent exits by promoters included a Rs 15,300 crore share sale in Indus Tower by Vodafone Plc, a Rs 9,300 crore share sale by the Tata group in Tata Consultancy Services.
The Petroleum Ministry may have watered down its preconditions for approving mining group Vedanta Resources' acquisition of Cairn India, but the $9.6 billion deal will still hinges on no-objection from partner ONGC.
The proposed Rs 15,000 crore (Rs 150 billion) Vedanta University Project in Orissa suffered a setback with the Orissa high court on Tuesday holding as illegal the state government's land acquisition procedures for the institution overlooking Bay of Bengal.
e metal and mining group is also hopeful of taking forward the process to buy government's residual stake in another erstwhile PSU Hindustan Zinc Ltd.
London-listed mining group Vedanta Resources is running against time to close a USD 9.6 billion deal to acquire majority stake in Cairn India as government approval for the transaction is held up due to issues raised by state-owned ONGC.
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.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
The high court, however, allowed the company to make a fresh bid to obtain environmental clearance from the Union Ministry of Environment and Forest for any further expansion of its existing units.
The proposed Vedanta University is likely to get chairman of National Knowledge Commission Sam Pitroda as its first Chancellor, Orissa's higher education minister Debi Prasad Mishra said on Thursday.
Vedanta Resources has submitted a proposal to the Orissa government to set up a world-class university in the state at an investment of $1 billion.
Refusing to be cowed by pressure being brought on him, Oil Minister S Jaipal Reddy on Friday said the decision for mining group Vedanta Resources' $9.6 billion buyout of Cairn India will be taken by the Cabinet without "sacrificing" on national interest.
Vedanta Resources, a global metal and mining company led by Non-Resident Indian billionaire Anil Agarwal, is looking to rationalise its workforce and reduce overall costs by 30 per cent to tide over the global economic downturn.
The Vedanta group's Rs 3,600-crore (Rs 36 billion) alumina refinery in Orissa's Kalahandi district is likely to clear the final hurdle soon.
The corporate rivalry in India is pass. I believe there is enough water in the sea for every fish.
Congress leader Rahul Gandhi on Thursday termed as "illegal" Vedanta's bauxite mining project in Orissa's Niyamgiri hills which was denied environmental clearance by the Centre.
