It the letter, the state-run company has sought details of Vedanta’s financial strength, technical capability and past experience in the field of oil and gas. Vedanta has signed a deal to buy a majority stake in Cairn India. ONGC is Cairn’s partner in eight blocks, including three producing ones in Barmer in Rajasthan, Cambay in Gujarat and Ravva in Andhra Pradesh.
ONGC again asserts pre-emptive rights on Cairn deal - Business Standard
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This is the third time that ONGC asserted its pre-emptive rights in the blocks after the Vedanta deal was announced on August 16. Cairn had earlier dismissed ONGC's claims, stating that “the transaction (Cairn Plc’s sale of up to 50 per cent stake in Cairn India to Vedanta) is a sale of shares in Cairn India, rather than an assignment of any participating interest under the various production sharing contracts and joint operating agreements”. In the letter to Edinburgh-based Cairn Energy today, ONGC said it had pre-emptive rights in relation to the participating interests held by Cairn India or its subsidiaries in the eight blocks where the two companies were partners.ONGC again asserts pre-emptive rights on Cairn deal - Business Standard
