Vedanta group's Indian holding company, Sesa Sterlite, now owns 58.77% in Cairn India
Anil Agarwal's Vedanta group has begun formal talks to buy London-based Cairn Plc's 10 per cent residual stake in oil and gas producer Cairn India Ltd, valued at close to Rs 6,000 crore.
Vedanta group's Indian holding company, Sesa Sterlite, now owns 58.77 per cent in Cairn India.
Vedanta had earlier bought the company from Cairn Plc, to make an entry in the energy sector here. Talks have begun with bankers on when to buy the stake and on the price.
Vedanta had bought the Cairn India stake in 2010 for $8.7 billion. It then made an open offer at Rs 355 a share for minority shareholders and increased its stake to the present level. Other than Cairn Plc's remaining stake, the rest is owned by institutional and minority shareholders.
On Tuesday, Cairn India's shares closed at Rs 318 a share. The stock hasn't risen since January; it has been down since the takeover by Vedanta.
Vedanta, based in London, is also preparing to buy out the Union government's minority stake in Hindustan Zinc and Bharat aluminium. On Monday, department of economic affairs secretary Arvind Mayaram said there is no legal impediment for the sale.
The government currently has 29.5 per cent stake in Hindustan Zinc and 49 per cent in Balco. It is looking at exiting from the two companies by December. The sale would fetch close to Rs 20,000 crore for the government.
In an interview with Business Standard in February, Agarwal had said Vedanta was expecting $10-12 bn earnings in the next two to three years and he'd bid for oil and gas assets in India, besides some coal assets.
Anil Agarwal's Vedanta group has begun formal talks to buy London-based Cairn Plc's 10 per cent residual stake in oil and gas producer Cairn India Ltd, valued at close to Rs 6,000 crore.
Vedanta group's Indian holding company, Sesa Sterlite, now owns 58.77 per cent in Cairn India.
Vedanta had earlier bought the company from Cairn Plc, to make an entry in the energy sector here. Talks have begun with bankers on when to buy the stake and on the price.
Vedanta had bought the Cairn India stake in 2010 for $8.7 billion. It then made an open offer at Rs 355 a share for minority shareholders and increased its stake to the present level. Other than Cairn Plc's remaining stake, the rest is owned by institutional and minority shareholders.
On Tuesday, Cairn India's shares closed at Rs 318 a share. The stock hasn't risen since January; it has been down since the takeover by Vedanta.
Vedanta, based in London, is also preparing to buy out the Union government's minority stake in Hindustan Zinc and Bharat aluminium. On Monday, department of economic affairs secretary Arvind Mayaram said there is no legal impediment for the sale.
The government currently has 29.5 per cent stake in Hindustan Zinc and 49 per cent in Balco. It is looking at exiting from the two companies by December. The sale would fetch close to Rs 20,000 crore for the government.
In an interview with Business Standard in February, Agarwal had said Vedanta was expecting $10-12 bn earnings in the next two to three years and he'd bid for oil and gas assets in India, besides some coal assets.
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