The Indian government is yet to receive and evaluate a proposal on the transfer of Cairn India Ltd.'s (532792.BY) assets to Vedanta Resources PLC (VED.LN), the country's oil secretary said Monday.

"As and when we receive a proposal, we will examine it on merit and take a view," S. Sundareshan told reporters.

He said the transfer of the oil and gas exploration assets was governed by production-sharing contracts between the government of India and Cairn India, and Oil & Natural Gas Corp. Ltd. (500312.BY) was also a partner in the exploration asset in Rajasthan state.

A government decision will be on the basis of a production-sharing contract, which has a provision for the transfer of ownership, Sundareshan said.

"But this has to be in concurrence with the government of India," he said, adding that ONGC's views on the transfer of assets would also be considered.

-By Eric Yep, Dow Jones Newswires; 91-22-6145-6110; eric.yep@dowjones.com
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