Vedanta Group pays up to $9.6 billion for Cairn India

Vedanta Resources ropes in subsidiary Sesa Goa and agrees to pay up to $9.6 billion for Cairn India as it seeks to diversify into oil and gas.

London-listed Vedanta Group will buy between 51% and 60% of Cairn India for $8.5 billion to $9.6 billion. Vedanta Resources and Sesa Goa will acquire Cairn India shares from Cairn Energy for Rs355 $7.60 apiece. Vedanta will also pay Cairn Energy a non-compete of Rs50 per share.

Vedanta expects to ultimately own between 31% and 40% of Cairn India directly. Sesa Goa, a subsidiary of Vedanta and India’s largest private sector producer of iron ore, will hold up...

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