Cairn India
Cairn India Limited is a Gurgaon based subsidiary company of Vedanta Resources controlled by London-based non-resident Indian businessman Mr. Anil Agarwal. It is one of the largest oil and gas exploration and production companies in India extracting of crude petroleum and natural gas. The Company is involved in the business of surveying, prospecting, drilling, exploring, acquiring, producing, developing, maintaining, storing, refining, trading, marketing, supplying, transporting, importing, distributing, exporting and dealing in minerals, oils, petroleum, gas and related by-products and other related activities. Because of merger with Vedanta, Cairn India Ltd. now delisted in the market.
Cairn India and Vedanta announced that the merger will done successfully and Shareholders of Cairn India will receive for each equity share held one equity share in Vedanta of face value of Rs 1 each and four 7.5 per cent redeemable preference share in Vedanta with a face value of Rs 10 each.
Sudhir Mathur, acting chief executive of Cairn India, said, “This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas. The merger with Vedanta Ltd will de-risk Cairn India by providing access to a portfolio of diversified tier-I, low cost, long life assets to deliver significant near term growth, while retaining the substantial upside from our oil and gas business."
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