New Delhi: Edinburgh-based Cairn Energy Plc on Tuesday said it expects to receive government approval for sale of stake in its Indian unit to Vedanta Resources.

Cairn had on August 16 announced sale of as much as 51 per cent stake in Cairn India to the London-listed mining group for up to USD 8.48 billion.

Announcing the full year 2010 financial results, Chief Executive Bill Gammell said, "Cairn continues to believe the necessary approvals to complete the Vedanta transaction will be received and is working with the government of India in a positive and constructive manner."

Oil Ministry is likely to take to the Cabinet Cairn's conditional application for government nod next week.

Cairn, after repeated reminders, on November 23 had applied for the sale of a 51 per cent stake to Vedanta, but with a rider that government consent was not mandatory and that the corporate deal involving a share transfer does not trigger partner ONGC's preemption rights.

Cairn on Tuesday reported revenues in full year 2010 surged to USD 1.6 billion as compared to USD 234 million in the previous year, it said in a press statement.

It said profit after tax in 2010 was USD 483 million. After adjusting USD 38 million for exceptional items and USD 638 million towards adjustments for sale of majority stake in Cairn India, the net profit stood at USD 1.08 billion as opposed to restated net profit of USD 53 million in 2009.

Startup of piped oil production from Cairn India's Mangala oilfield in Rajasthan contributed to the record revenues.

ONGC by virtue of its stakes in eight out of 10 properties of Cairn India claims pre-emption rights.

(Agencies)