ONGC says its approval needed for Cairn-Vedanta deal - Sify

Mumbai, Oct 21 (IANS) State-run Indian oil and gas explorer ONGC Thursday said its approval is required if a proposed sale of Cairn Energy's Indian unit to Vedanta Resources has to go through.

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The company said it also has the option to exercise its preemptive rights. In a letter, it enquired about the financial strength, technical capability and past experience of Vedanta in the oil and gas field.

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The company said it also has the option to exercise its preemptive rights. In a letter, it enquired about the financial strength, technical capability and past experience of Vedanta in the oil and gas field. 'In accordance with the terms of the relevant agreements, the consent of ONGC would need to be sought for the proposed transaction,' said the upstream company in a regulatory filing.

ONGC says its approval needed for Cairn-Vedanta deal - Sify