Vedanta buys up a tenth of Cairn India

By Daily Mail Reporter
Updated:

 

Vedanta Resources has bought more than 10% in Cairn India from Malaysia's Petronas, as it seeks to prove its determination to take full control of the oil firm.

The firm has agreed to pay Cairn Energy (up 1.67p to 434.27p) £5.9bn for up to 60% of its subsidiary.

The purchase of a 10.4% chunk Petronas means Vedanta (up 35.45p to 2269.45p) could take a significant controlling stake in the firm.

However, it also needs a panel of Indian ministers to wave through the deal before it can add Cairn Energy's stake to the 10.4% it now owns.

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