Cairn India shareholders clear merger with Vedanta

Cairn India shareholders have cleared the merger with its debt-laden parent Vedanta Ltd.

93 per cent of Cairn India equity shareholders favoured the merger in voting done on September 9.  The merger with Vedanta is expected by the end of this fiscal year, Cairn India said in a statement.

Navin Agarwal, Chairman of Cairn India, said: "I am pleased that the shareholders of Cairn India have approved the merger of Cairn India with Vedanta Limited. We are confident that the financial strength and diversified portfolio of Tier-I assets of the merged company, with strong growth potential, will provide de-risked earnings and stable cash flows and drive long-term value."

Vedanta's shareholders had already approved the merger on September 6.

Sudhir Mathur, CFO and Acting CEO of Cairn India, said: "The shareholders of Cairn India have approved the merger with Vedanta Limited, and I am confident that they will benefit from exposure to Vedanta's diversified portfolio of assets while retaining the upside from Cairn's strong oil & gas assets."

Anil Agarwal's Vedanta Group had in 2011 acquired Cairn India from its British promoters, Cairn Energy, and last year proposed to merge the cash-rich firm with BSE-listed Vedanta.