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GoM On Cairn, Vedanta Deal To Meet On May 2

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The Group of Ministers (GoM) to consider approval for a deal between Cairn and Vedanta Resources will meet on May 2, an oil ministry source said on Thursday.

Vedanta is seeking to take control of Cairn's India unit in a deal worth up to $9.6 billion. But the deal has been delayed due to a dispute over royalty payments by Cairn India's partner, state-run Oil and Natural Gas Corp.

Earlier this month, the matter was referred to a panel of ministers, headed by Finance Minister Pranab Mukherjee, which is expected to submit its recommendations to the cabinet for a final decision.

(Reuters)