CCEA may give nod to deal on Jun 30

Written by fe Bureau | Updated: Jun 29 2011, 07:12am hrs
Cairn Energy has moved closer to the consummation of its majority stake sale in its Indian business to London-listed Vedanta Resources by agreeing to drop the R50 per share non-compete fee at the expense of lowering valuation by about $600 million. The Indian government is set to take up the matter for conditional clearance later this week. Government sources said the cabinet committee on economic affairs (CCEA) chaired by Prime Minister Manmohan Singh is expected to examine the proposed deal on Thursday.