<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Oil explorer Cairn India reported a jump in quarterly profit and said it would seek shareholder approval on the conditions set by the Indian government for its deal with Vedanta Resources.<br><br>Last month, India gave conditional approval to Vedanta Resources to buy a 40 per cent stake in Cairn India from its British parent Cairn Energy, in a deal valued at around $6 billion.<br><br>Cairn India said net profit jumped to 27.27 billion rupees ($617 million) for its fiscal first quarter ended June, from 2.8 billion rupees in the year-ago quarter.<br><br>Revenue surged more than four times to 37.13 billion rupees.<br><br>India's oil ministry has been pushing Cairn India to share royalty payments with state-run Oil and Natural Gas Corp, which has a 30-per cent holding in the Cairn-operated fields in western India but pays 100 per cent of the royalties.<br><br>Treating royalty as a cost for developing the field was one of the conditions set by the government to clear the deal with Vedanta.<br><br>Cairn India said in a statement late on Tuesday if royalty were to be cost recoverable it would lead to a decline in revenue and profit for the June quarter by 12.92 billion rupees.<br><br>Cairn India said it would hold a postal ballot of all the shareholders to consider the conditions imposed by the Indian government.</p>
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<p>(Reuters)</p>