Cairn announces completion of Vedanta deal

December 08, 2011 02:40 pm | Updated November 17, 2021 04:26 am IST - New Delhi

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.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.