ONGC examining implications of Vedanta-Cairn deal


Reuters | Aug 26, 2010 | 6:58pm IST

State-run explorer Oil and Natural Gas Corp Chairman R.S. Sharma said on Thursday the firm is examining the legal and contractual implications of London-based Vedanta Resources’ up-to-$9.6-billion offer to take control of Cairn India. “We have been tracking the development and examining all legal and contractual implications of the issue on production sharing contracts inked with them,” Sharma said. ONGC has a 30 percent stake in Cairn India’s oil block called RJ-ON-90/1 in Rajasthan. India’s trade minister said on Tuesday ONGC should have a say in the deal.

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