The management of London-listed Vedanta, a co-operative partner in ONGC, is reportedly looking to expand its international reach by acquiring new frontiers like shale acreages in India.
A senior Cairn India executive familiar with the situation said that they were keen to bid for shale acreages in India. Cairn India, which discovered India's largest onshore field in Rajasthan, will bid for shale acreages once the process of bidding starts by 2013.
Speaking on the condition of anonymity, the executive said, “Yes, we are keen to bid for shale acreages in India, but it is too preliminary to discuss the nature of investments we will be putting in.”
The executive said they would have to evaluate a plenty of data before deciding on a definite strategy to make investments.
Another senior Cairn India executive said Vedanta's deep experience of working intimately with various sections of the Indian government and its forceful approach in dealing with regulatory issues would help the Cairn India a lot.
Meanwhile, the Vedanta Group is found to have violated the India laws by giving illegal donations to political parties. Anil Agarwal-led Vedanta Group has admitted that it has given $8.3 million to India political parties since 2003-04, The Financial Express reported.
While the Vedanta Group has not named any political party or the recipients of the illegal donations, donations were given to all political parties that ruled since 2003.
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