There are reports that India's state-run Oil and Natural Gas Corp (ONGC) may counter an offer worth up to $9.6 billion by Britain's Vedanta Resources for mining assets in India.
Vedanta said on Monday that it would buy a controlling stake in the Indian unit of Britain's Cairn Energy as it targets aluminium, copper, iron ore and zinc mines in the country.
But Indian financial daily Mint reported today that the government was looking into thwarting the move in a bid to consolidate strategic assets under state control.
ONGC is a joint venture partner with Cairn in the British group's main oil asset in the country in the western state of Rajasthan.
ONGC chairman RS Sharma said the government had not given him any order but that the company was looking into the proposed deal by Vedanta.
