 The Union Cabinet provided final approval to Vedanta Resources Plc, a London-based mining group's acquisition of a majority stake in Cairn India Ltd.
The Cabinet Committee on Economic Affairs led by Prime Minister Manmohan Singh cleared the deal. Fresh approval was necessitated in view of the Home Ministry pointing to alleged global and domestic transgressions by Vedanta Group. While giving security clearance to Vedanta's purchase of a majority stake in Cairn India, the Home Ministry had pointed to 8 instances of the mining group or its affiliates being involved in cases of default of payment, human rights violations or environmental damage.
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