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India: Cairn to merge with Vedanta in $2.3 billion deal

 |  June 14, 2015

Mining and energy group Vedanta made a $2.3 billion offer on Sunday to buy out minority shareholders in cash-rich oil unit Cairn India, a deal that helps parent Vedanta Resources Plc repay hefty debts.

Shareholders in Cairn India, the country’s top private sector oil producer, will get one share in Vedanta Ltd for every share held, the companies said in a joint statement on Sunday. The deal, however, is subject to various regulatory approvals and is likely to close in the first quarter of the next calendar year.

“The merger of Cairn India and Vedanta marks a significant step towards achieving our long-term vision of a simplified group structure… and creation of long-term sustainable value,” said Vedanta Plc Chairman Anil Agarwal.

Full content: The Financial Times

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