Government of India to decide on granting approval to Cairn-Vedanta deal by the end of February; Coal India’s talks in advanced stage to buy 10 per cent stake with US-based Peabody Energy Corp's asset in Australia
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    • Oil Secretary of the Government of India, S Sundareshan has said that the government will decide on granting approval to the $9.6 billion Cairn-Vedanta deal by the end of February. He stated, "I had earlier given a timeline of December-end (for deciding on giving approval to Vedanta Resources, buying majority stake in Cairn India) on the presumption that it will take 2-3 months to process (the case) from the date we get all applications. But given that we have got the application (seeking approval) only last week, we will certainly be able to decide on the case by February-end".1

    In an another development, India’s largest coal producer, Coal India’s talks are in advanced stage to buy 10 per cent stake in the US-based Peabody Energy Corp's asset in Australia. The Chairman of Coal India Limited Partha Bhattacharya said, “They (Peabody) have offered us 10 per cent in one of their coal producing mines in Australia,”. The Coal India which is a Navratna company had last month put the deal cost at less than $200 million and has been scouting for coal mines abroad, has earmarked Rs 6,000crore for this purpose in the current fiscal. The company is also negotiating with US firm Massey Energy and Indonesian Novem/Sinarma, for a possible partnership for their respective mines in the United States and Indonesia.2

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