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Essar Oil bagged the most contested block in Cambay basin. The Gujarat onshore block, which received highest number of six bids, was the only one that Essar bid for.

Revenues in full year 2010 surged to $1.6 billion as compared to $234 million in the previous year. The company's profit after tax in 2010 was $483 million.

The acquisition  would be a strategic fit for Sesa Goa as Bellary Steel's steel plant is located in the iron ore rich belt of Karnataka.

According to the Asian Rich List 2011 by Eastern Eye, Mittal and his family's wealth stood at 15.5 billion pounds, 1.5 billion pounds less than a year ago.

The deal was announced in August 2010 and has since been awaiting approvals from Sebi and the government. The government is yet to approve the deal.

Oil ministry will move Cabinet Committee on Economic Affairs (CCEA) once comments from ministries of finance, law, home, environment and corporate affairs are received.

The oil ministry has informed the PMO that the delay has occurred because Cairn Energy India had applied for the mandatory clearances three months after it had announced the deal.

The Petroleum Ministry may have watered down its preconditions for approving mining group Vedanta's acquisition of Cairn India, but the deal still hinges on no-objection from partner ONGC.

The ministry has watered down the 11 preconditions it had in January proposed for giving Vedanta nod to buy a 51 per cent stake from UK's Cairn Energy, officials with direct knowledge of the matter said.

The $9-billion deal between Reliance Industries and British oil major BP could open fresh chapters for both. For RIL, the BP deal could mean a way out of its current stagnating situation. For BP, the tie-up comes as part of its continuing efforts to reposition its operations.

\"We cannot bailout any seller or buyer. We will not compromise on concerns of Oil and Natural Gas Corporation (ONGC),\" oil minister Jaipal Reddy said.

Oil Minister S Jaipal Reddy on Tuesday said the government is prepared to give approval to Vedanta Resources' $9.6 billion acquisition of Cairn India, provided the concerns of state-run ONGC are addressed.

The Oil Ministry on Monday said it is for expediting clearance to Vedanta Resources' $9.6 billion acquisition of Cairn India, but wants state-owned ONGC's concerns addressed before that.

Petroleum secretary S. Sundareshan will meet the CEO of the two firms again on Monday to take the talks forward. Cairn is seeking govt's nod on its $9.6-bn deal with Vedanta.

ONGC is ready to let the $ 9.3-bn Cairn-Vedanta deal go through, provided the royalty that ONGC pays on the Rajasthan oil fields is considered as part of the cost of production of the project.

The Supreme Court has ordered the Orissa government to maintain status quo on acquisition of 6,000 hectares of land for setting up a university by UK-based Vedanta group in Puri.

Vedanta group had sought Sebi's approval in August 2010 for a Rs 13,160-crore open offer for purchase of up to 20 per cent stake from the public as part of the deal.

The company, a subsidiary of Anil Agarwal-led Vedanta Resources, registered profit of a whopping Rs 1,101 crore in the third quarter, against Rs 686.93 crore last year.

The directive followed a one-on-one meeting between Vedanta Resources Chairman Anil Agarwal and Prime Minister Manmohan Singh last Wednesday.