Vedanta Resources has acquired a 10% stake in oil company Cairn India, The Wall Street Journal reports. The U.K. mining company paid $1.362 billion for 191.9 million shares in Cairn India.
The transaction will lift Vedanta’s stake in the India-focused company to 28.5%. Edinburgh-based oil and gas company Cairn Energy remains the majority shareholder of Cairn India, with a 52.2% shareholding, adds RTT News.
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