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India’s government-run Oil and Natural Gas Corp. is expected to counter the $9.6 billion offer made by Vedanta Resources for mining sites within India, said a report on Wednesday.
On Monday, Vedanta announced that it would look to purchase a controlling stake in Britain’s Cairn Energy’s India-based unit as the firm begins to break into the copper, iron ore, zinc and aluminium mines around the country. However, India’s financial daily Mint said that Wednesday the government was looking to interfere in the bid in order to bring the consolidated assets under state control.
Oil and Natural Gas Corp. is part of a joint-venture partnership with Cairn with the British firm’s largest oil asset in the country located in Rajasthan, a western state in India. According to a source, the state-run oil firm will have to make a better offer than Cairn in order to secure the assets.
However, chairman of the group, R S Sharma said that the government had issued no directives for the company, but that it was looking into a possible deal with Vedanta. Currently, Mr Sharma said that no decision had been made on whether to bid or not.
The move would mean that a large portion of the oil and mining industries were stated-run or had relations with state-run companies in India. Vedanta offered $9.6 billion for the mining assets on Monday, but it is expected that the government will make a decision soon as to whether or not to counter bid or enter into negotiations with Vedanta as part of a strategy to place the mines under government control.
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