Companies

Cairn India, Vedanta boards to meet on Sunday amid merger speculation

Reuters MUMBAI | Updated on January 24, 2018 Published on June 13, 2015

Vedanta this week signalled it was considering merging the two Indian units. File Photo   -  Reuters

The boards of oil company Cairn India and its parent, Vedanta Ltd, will meet on Sunday to discuss a potential merger, both companies said.

Vedanta Ltd. is the operating unit of London-listed mining and energy group Vedanta Resources Plc.

Vedanta this week signalled it was considering merging the two Indian units, as it tries to resolve a mismatch between its debt, held at the top of the group, and its cash, largely generated by subsidiaries, including Cairn.

In separate notices to the Bombay Stock Exchange on Saturday, the companies said their boards would meet to "consider and evaluate" a merger.

On Friday, India's oil minister, Dharmendra Pradhan, told Reuters he had met Cairn executives this week to discuss the potential merger and a source familiar with the matter had said the deal could be announced as early as Sunday.

Published on June 13, 2015
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