Cairn sells Vedanta 10% of Indian unit

By OGJ editors
HOUSTON, July 12
-- Cairn Energy PLC said it has completed the sale of a minority stake in subsidiary Cairn India to the mining conglomerate Vedanta Resources, which is trying to acquire a majority interest.

Cairn sold a 10% interest in Cairn India to Vedanta for $1.362 billion. Vedanta, London, last year offered to buy as much as 60% of the Indian company for $9.6 billion and earlier bought a 10.4% stake from Petronas (OGJ, Apr. 25, 2011, Newsletter).

Approval by the Indian government of Vedanta’s takeover of Cairn India has been complicated by a royalty dispute. Last month the government announced conditional approval, but the companies haven’t accepted the conditions (OGJ Online, July 1, 2011).

In its July 12 announcement about sale of the minority interest, Cairn energy said sale of a further 30% stake “remains subject to the necessary consents and approvals from the government of India.”

Cairn Energy now owns 52.2% of Cairn India. Vedanta holds 28.5%.

Related Articles

Total, InterOil close Papua New Guinea deal

03/26/2014 InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licenc...

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected