Cairn In­dia joins up with Vedanta Lim­ited

The Myanmar Times - - International Business -

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. –

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