Cairn India head says hopes to close Vedanta deal by end 2010 | business | Hindustan Times
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Cairn India head says hopes to close Vedanta deal by end 2010

The chairman of Cairn India, a unit of the UK's Cairn Energy, said today he hopes the deal for London-based Vedanta Resources to buy a controlling stake in the Indian firm would close by end-2010.

business Updated: Sep 16, 2010 16:48 IST

The chairman of Cairn India, a unit of the UK's Cairn Energy, said on Thursday he hopes the deal for London-based Vedanta Resources to buy a controlling stake in the Indian firm would close by end-2010.

Vedanta, in its first move into the energy sector, is buying a controlling stake in India's No 4 oil and gas company from Cairn Energy to capitalise on rising energy demand, economic growth and an expanding population.

Vedanta Resources has offered 405 rupees a share for between 40 and 51 per cent of Cairn India.

The final stake bought would depend on the response to an open offer for a 20 per cent stake made to minority shareholders at 355 rupees a share. That offer opens on Oct 11.