Vedanta Resources does not foresee problems in Cairn India buy
Vedanta Resources Plc (VED.L) to acquire up to 51-61% stake in Cairn India for up to $9.6 bln, as Cairn Energy’s (CNE.L) chairman headed to New Delhi to push for the deal. Cairn Energy confirmed that it had agreed to sell 40% to 51% of the shares in Cairn India to Vedanta Resources. Vedanta has made the open offer through its group company Sesa Goa.
The deal will need New Delhi’s approval as Cairn India (CAIL.BO) has signed production-sharing contracts (PSCs) with the government for its oil and gas exploration blocks and as per the pact any change of ownership would require the Indian government’s approval.
Sesa Goa said its investment in Cairn India will be EPS accretive from the very beginning. Vedanta Resources said it will hold 31-40 % interest in Cairn India while the remaining 20% would be taken by Sesa Goa. Cairn Energy, which owns a 62pc stake in Cairn India. Cairn India has discovered the nation’s largest onland oil field in Rajasthan.
State-run Oil and Natural Gas Corp (ONGC.BO: Quote) has not yet raised any concerns on the Cairn India (CAIL.BO: Quote)-Vedanta Resources (VED.L: Quote) deal.
NRI billionaire Anil Agrawal led Vedanta Resources does not foresee regulatory problems in the stake buy, the India-focused miner’s chairman, Anil Agarwal, said.
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