Vedanta awaits Cairn green light

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Vedanta Resources struck a hopeful note on its chances of securing clearance to buy control of Cairn Energy's Indian arm yesterday, with the miner's chief executive MS Mehta saying that the company was "positive that this will get closed before" the upcoming 20 May deadline.

The miner, which posted $11.4bn in annual revenues yesterday, unveiled its offer for Cairn India last year, but has since been caught up in a dispute over royalty payments, and is awaiting the nod of the Indian Government. "All stakeholders are keen to close this transaction as soon as possible," Mr Mehta said.