Cairn India joins up with Vedanta Limited
SHAREHOLDERS of oil and gas giant Cairn India have approved a merger with Vedanta Limited, the country’s biggest producer of aluminium and copper.
The venture will help create an Indian natural resources group that is able to rival the British-Australian multinational Rio Tinto or mining giant BHP Billiton.
Indian billionaire Anil Agarwal, owner of London-listed conglomerate and parent frim Vedanta Resources, announced a plan to merge the two units in June last year.
The deal has to be approved by Indian courts but is expected to be cleared by the end of the year. –