Cairn Vedanta and Navi Mumbai Airport

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Cairn Vedanta Deal and Navi Mumbai International Airport

11/3/2011

Roll Nos:

82- Siddharth Malhotra
84- Ashish Masurkar
86- Dhwanil Meghani
88- Nishant Meshram
90- Varsha Mewada
92- Vibhav Mishra
94- Nilesh Motwani
96- Arpita Nair
98- Ujwal Netam
100- Rahul Noronha

Index
 | Topic| Page No.|
I.| Cairn-Vedanta Deal|  |
1| Introduction|  |
2| Chronological Events in the Cairn Vedanta Deal|  |
3| The put-option, call-option and right of first refusal (RoFR) clause in the Strategic Partnership Act (SPA)|  | 4| Domain of Statutory Approvals|  |
| |  |
II.| Navi Mumbai Airport|  |
  5| Introduction.|  |
  6|  What the new airport means for Mumbai. * Why is it good for city * Environmentalist unhappy. * Positive impacts on the city.| |   7|  Analysis of alternate sites.|  |
  8|  SWOT analysis.|  |
  9| Flow of events. * The beginning of the idea. * Fixing navi Mumbai as location. * MoEF rejects the plan. * Amendments in CRZ,1991. * Further concerns by MoEF under Mr. Jairam Ramesh. * NMIA to carry out an EIA. * Findings of the EIA.|  | 10| The Compromise| |

11| The approved plan| |
|  |  |
 III.| Annexures|  |
 A|  Bilateral Investment Protection and Promotion Agreement (BIPA)|  |  B|  Environmental Protection Act (EPA)|  |
C|  Right of first refusal (ROFR or RFR)| |

The Cairn Vedanta Deal
Introduction
In August 2010, Vedanta Resources indicated its interest in purchasing a controlling stake in Cairn India. Vedanta Resources is a global mining and metal company with its headquarters in London, United Kingdom. It was started in 1976 by Mr Anil Agarwal. Cairn India is a subsidiary of Cairn Energy Public Limited. (Cairn Energy is global oil and gasexploration company with its headquarters based in Edinburgh, United Kingdom.) This deal went on to become the most publicised deals of its time in India, and is currently in the final stages of completion. Chronological Events in the Cairn Vedanta Deal

12 August 2010|• Vedanta Resources is in talks to buy a stake in Cairn India that would be the diversified miner’s first move into oil and gas. Vedanta and British oil and gas company Cairn Energy, which has a 62.37% interest in Bombay-listed Cairn India, confirmed that they were in talks. 13 August 2010|• India-focused Vedanta Resources will buy a 51% controlling stake in Cairn India for $8 billion to $8.5 billion, a source familiar with the matter said. Vedanta Resources is in talks with Cairn Energy, which has a 62.4% stake in Cairn India, to buy a stake in the unit, both companies confirmed without giving details. 17 August 2010| • Regulatory hurdles could delay Vedanta Resources’ purchase of a stake of up to $9.6 billion in Cairn India, but the buyer and analysts see them as unlikely to derail the deal. Vedanta, in its first move into the energy sector, is buying a controlling stake in India’s No. 4 oil and gas company from Britain’s Cairn Energy to capitalise on rising energy demand, economic growth and an expanding population. • Vedanta Resources sees no regulatory hurdles to its purchase of a stake of up to $9.6 billion in Cairn India, as Cairn Energy’s chairman headed to New Delhi on Tuesday to push for the deal. 18 August 2010 | • There may be a fresh twist to Vedanta Resources Plc’s plans to acquire a majority stake in Cairn India Ltd, if state-run Oil and Natural Gas Corp. Ltd (ONGC) follows through on the signal from the petroleum ministry to make a counter offer. 23 August 2010 | • Vedanta Resources Plc’s proposed acquisition of a majority stake in Cairn India Ltd for as much as $9.6 billion (Rs44,736 crore) may be scuppered by the ministry of petroleum and natural gas, which wants the oil explorer to offer state-owned Oil and Natural Gas Corp. Ltd (ONGC) a chance to buy the stake. 24 August 2010 | • The UK-based Cairn Energy on Tuesday said it will seek government’s...
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