Cairn Energy has announced plans to sell off a 51% stake in its India business, Cairn India, to Vedanta for around $8.5bn.
Cairn India, which discovers, develops and produces oil and gas assets globally, has a market capitalisation of $14bn and is the fourth-largest oil and gas company in India, reports BBC.
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With the acquisition, metals production specialist Vedanta will secure oil and gas to fuel the power plants it controls in India.
Cairn’s Indian interests include one of the country’s biggest oil and gas production developments in Rajasthan.
The funds will allow Cairn Energy, which owns 62% of Cairn India, to finance its expansion in the Arctic region, where it is exploring for oil off the coast of Greenland.
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By GlobalData
