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BW Businessworld

Minister Met Cairn India Bosses Over Vedanta Merger

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The Oil Minister met the leadership of oil company Cairn India this week to discuss its potential merger with parent Vedanta Ltd, the operating unit of London-listed mining and energy group Vedanta Resources Plc.
 
Vedanta earlier this week signalled it was considering a merger, a move that would it to repay a hefty group burden with the help of cash-generating Cairn.
 
Asked if he had met the companies to discuss the deal, minister Dharmendra Pradhan said: "They met me, but my ministry's concern is that capital expenditure should grow. My ministry's expectation is oil and gas production should increase."
 
"Cairn's leadership assured me in future they are very focused on how to increase oil and gas production, and for that, they will invest money," he added.
 
(Reuters)