Silvia Antonioli

Vedanta, Cairn India likely to be merged

"Should a transaction with Cairn India proceed, it could potentially be considered a reverse takeover," Vedanta said in the statement.

Like its peers in Europe, Lucchini has been battered by slowing demand since the 2008 financial crisis and stiff competition from emerging countries.

"We have decided we have to give back to society," Anil Agarwal said on the sidelines of the Vedanta event in London.

The company declined to say whether the offer by JSW Steel, controlled by billionaire Sajjan Jindal, included all assets or just some.