Not to impede Cairn India stake sale, says ONGC

Last Updated: Thu, Nov 18, 2010 20:01 hrs

R S Sharma, chairman and managing director of ONGC, said today the company would not create any impediments for the investments of Cairn Energy Plc’s proposed stake sale in its Indian unit to Vedanta Resources Plc.

"As a commercial organisation we are not going to create any impediments. We are quite comfortable with the way things are going. We have not consulted the law ministry. We have our own internal consultants to decide on the issue. The petroleum ministry may have consulted the law ministry on the issue," he told reporters when asked if ONGC is against Cairn Energy’s plan to sell a majority stake in Cairn India Ltd to Vedanta. "It is a price sensitive information. As and when we are advised by the government, we will bring this agenda before the board," he said.

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