Videocon Industries was another respondent in the case since it holds an interest in the field.
In response to questions from Business Standard, Cairn said this ruling ended ambiguity on various issues and upheld a fair arbitration process followed by Indian courts. Vedanta
had acquired Cairn India from UK-based Cairn Energy in August 2010 for $8.67 billion.
The Ravva oil and gas field is located in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India. ONGC owns 40 per cent in the block, followed by 25 per cent by Videocon, 22.5 per cent by Cairn, and 12.5 per cent by Ravva Oil.
Average production in the Ravva block during 2019-20 was 14,232 barrels of oil equivalent per day (boepd), while it increased to 22,037 boepd during the first quarter of 2020-21.
Vedanta is the sole bidder for Videocon’s stake in Ravva oil and gas field, which is part of the assets of Videocon undergoing insolvency proceedings at the National Company Law Tribunal (NCLT).
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