Mining group Vedanta completes buyout of Cairn India

  • Reuters
  • Stock Market News
Mining group Vedanta completes buyout of Cairn India
Credit: © Reuters.

MUMBAI, April 11 (Reuters) - Indian metals and mining group Vedanta Limited VDAN.NS said on Tuesday it had completed its buyout of oil and gas explorer Cairn India Ltd CAIL.NS , consummating a deal that was delayed for months by investor opposition.

Cairn India said in a separate statement its board had made the merger effective as of Tuesday.

The deal gives Vedanta Limited, the Indian unit of diversified energy group Vedanta Resources PLC VED.L , access to Cairn's $3.5 billion cash pile, boosting its finances.

It was delayed due to opposition from some big minority shareholders, leading Vedanta to sweeten the offer last August. merger will increase the appeal of Vedanta Ltd to global investors as it simplifies the structure and increases the size and free float of the company," Vedanta Limited's Chief Executive Tom Albanese said in a statement.

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