Vedanta, Cairn India merger becomes effective

Vedanta Limited (“Vedanta”) and Cairn India Limited (“Cairn India”) have recently announced that the merger of Cairn India with Vedanta pursuant to the Scheme of Arrangement has become effective.
This merger consolidates Vedanta’s position as one of the world’s largest diversified natural resources companies, with world-class, low-cost assets in Metals & Mining and Oil & Gas. The merged company will have a larger pro forma market cap of USD 15.6B, and higher free float of 49.9%. Vedanta will have one of the strongest balance sheets in the Indian corporate sector with flexibility to balance capital allocation to the highest return projects while providing a strong and stable dividend.
Vedanta is India’s premier natural resources company, providing the metals and energy to build India and fuel its growth. The combined entity is uniquely positioned to unlock India’s wealth of world-class energy and mineral resources. The merged company is committed to enhancing oil & gas production, and preserving the “Cairn” brand.
Navin Agarwal, Chairman of Vedanta Limited said: “We are pleased to have completed the Vedanta Ltd – Cairn India merger and are very excited about the future of the combined company. I would like to thank the shareholders of both companies for their support for this transaction and welcome the Cairn India shareholders into Vedanta Ltd’s shareholder register. With world class assets in Metals & Mining and Oil & Gas, Vedanta will fuel India’s economic growth and generate value for all stakeholders.”
Previous articleOVL to invest on Farzad-B natural gas block in Iran
Next articleIndia’s Bell-O-Seal Valves receives SABIC’s approval