Split in ONGC over Cairn India bid

Wednesday, August 25, 2010, 12:22 [IST]

Mumbai, Aug 25: Oil and Natural Gas Corp (ONGC) has been split up over the Cirn India counter-bid issue, the Business Standard reported on Wednesday, Aug 25.

The report quoted an unidentified ONGC officials as saying that making a $10 billion counter-bid may prove counter-productive and unviable for the Indian oil explorer and producer.

The official also said, "An evaluation is on and there have been talks on the subject."

Vedanta Resources on Aug 16 offered to buy a majority stake in Cairn Energy's Indian unit for $9.6 billion.

Cairn Energy also announced that they would seek central government's aid in its approach to depart from India by selling Cairn India's majority stake to Vedanta Resources.

OneIndia News

Topics: ongc, cairn india, vedanta resources

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