Petroleum minister Jaipal Reddy has said that the file of the Cairn-Vedanta deal has been sent to the Cabinet for approval.
“The group of ministers have given their recommendation.. What the recommendation is, I cannot tell you. But it has been sent to the Cabinet for its final decision.. It has gone to the Cabinet,” he said.
His statement implies that the $10 billion acquisition of India’s biggest private sector oil producer — Cairn India — by the London-based Vedanta Resources, may get a red or green signal this week or during the next one.
The deal has been caught in the red tape of the oil ministry for several months after officials in the ministry expressed consternation about not being told in advance about the deal and its negotiations. They also claimed that the deal was not in India’s interest etc..