Cairn Energy Plc of U.K. on Thursday announced that it had completed the sale of a controlling stake in its India entity to London-based Vedanta Resources Plc.
Cairn Energy, which had in July sold a 10 per cent stake in Cairn India to Vedanta for about $1.4 billion, got another $4.1 billion from the sale of the remaining 30 per cent, the company said in a press statement. “Cairn is pleased to announce that the transaction has now completed,'' the statement said.
Sesa Goa Ltd, a unit of Vedanta Resources, had on Wednesday stated it had raised its stake in Cairn India to 20 per cent following the acquisition of 28.8 million additional shares, amounting to a 1.5 per cent stake. The Vedanta Group now holds 60 per cent in Cairn India, while Cairn Energy retains about 22 per cent.
