Tag: vedanta

Cairn Energy may have the fortitude to search for oil in the Arctic but it has more than met its match in the hotter climes of India. Sub-zero temperatures and pack ice can be no more hostile than an indecisive, glacial regulator.

Seven months on from an offer by Vedanta to buy Cairn Energy’s Rajasthan oilfields for $9.6bn, the Indian government has yet to approve the deal. The last two days of crisis meeting in New Delhi may have helped move the portfolio forward. Bland statements, rather than the hoopla of breakthrough, suggest by an inch or two at most.

FT Energy Source

The FT’s Lex published a column on Friday on the Vedanta/Cairn Energy deal:

Anil Agarwal has never lacked ambition. So while his Vedanta Resources’ pursuit of a controlling stake in Bombay-listed Cairn India, 62 per cent controlled by London-listed Cairn Energy, was unexpected, it should not have been too surprising. Details of the approach by the London-listed and India-centred Vedanta are sketchy, but India’s largest onshore oilfield is the sort of thing that would appeal to the billionaire.

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Masa Serdarevic

Following Bloomberg’s story on Thursday morning that Vedanta Resources is in talks “to purchase assets or take a multibillion-dollar equity stake in Cairn Energy Plc, a UK oil and gas exploration company”, Cairn confirmed the following:  

The board of Cairn Energy PLC (“Cairn”) notes the media speculation and confirms that discussions are taking place with a third party in respect of the disposal of an interest in Cairn India Limited.

The full statement is on the company’s website.

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