MUMBAI, India - Vedanta Resources Plc has agreed to pay US$8.5 billion to $9.6 billion for a 51 per cent to 60 per cent stake in the India unit of Britain's Cairn Energy Plc, the companies said Monday.
Vedanta forays into oil & gas with $8.5B to $9.6B bid for stake in Cairn India - CanadianBusiness.com
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The transaction is London-listed Vedanta's first foray into oil and gas and would give the mining giant access to India's fast-growing oil and gas sector. For Cairn, the deal frees up resources for further exploration in Greenland, another area of interest for the company. The transaction is London-listed Vedanta's first foray into oil and gas and would give the mining giant access to India's fast-growing oil and gas sector. For Cairn, the deal frees up resources for further exploration in Greenland, another area of interest for the company. "The proposed acquisition significantly enhances Vedanta's position as a natural resources champion in India," Vedanta executive chairman Anil Agarwal said in a statement.Vedanta forays into oil & gas with $8.5B to $9.6B bid for stake in Cairn India - CanadianBusiness.com
