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Mining group seeks Indian investment
Mining group Vedanta Resources is in talks to buy the Indian arm of a Scottish energy firm.
Edinburgh-based oil and gas exploration company Cairn Energy confirmed that it was in talks with Vedanta, but chose not to disclose financial details.
In 2008, Vedanta's billionaire owner Anil Agarwal declared that he wanted the company to spend $20bn in India on mines and power plants by 2012.
Cairn's Indian operation is its biggest asset and news of the takeover talks with India's largest listed mining group has seen the Scottish firm’s shares rise slightly.
Cairn recently announced that net profit for Cairn India rose six-fold in the first quarter of the financial year, mainly buoyed by crude output from its oilfield in western India.
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Welcome to the marcus evans mining sector marcus evans one of the worlds leading business information companies is dedicated to the provision of global business intelligence and information to assis..
13/01/2010 12:06:29
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