Cairn India

Vedanta‘s transformation from a complex jigsaw of inter-locking assets into a streamlined investor-friendly group is almost complete – subject only to approval from the notoriously-slow Indian courts.

In the meantime the Indian natural resources group is keeping shareholders content with a 49 per cent increase to $2.6bn in first-half earnings before interest, tax, depreciation and amortisation (ebitda). While metals prices were weak, oil prices were strong and Vedanta profited handsomely from last year’s acquisition of control of Cairn India. Read more

Cairn Energy is selling a large chunk of its remaining stake in Cairn India for about $940m, Bloomberg and Reuters reported on Monday.

But this should not be seen as a vote of no confidence in the Indian market. Cairn has been using its Indian assets as a source of cash for the past five years, since it raised $2bn (of which $1bn went to shareholders) at an IPO in 2007. Read more