'Vedanta to buy control of Cairn India' | business | Hindustan Times
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'Vedanta to buy control of Cairn India'

Miner Vedanta Resources is close to finalising a deal to buy a majority stake in Cairn Energy's Indian unit, Cairn India, sources close to the matter said toiday.

business Updated: Aug 13, 2010 16:02 IST

Miner Vedanta Resources is close to finalising a deal to buy a majority stake in Cairn Energy's Indian unit, Cairn India, sources close to the matter said on Friday.

Vedanta is set to buy a 51-per cent stake in the Indian unit from Edinburgh-based Cairn Energy for between $8 billion and $8.5 billion, one of the sources said, representing a premium of around 20 per cent to Cairn India's closing price on Thursday.

The deal is expected to be announced on Monday, the source said.

Cairn Energy and Vedanta declined to comment.