Vedanta To Pay $9.6B For Cairn India Oil, Gas Assets

Law360, New York (August 16, 2010, 3:19 PM EDT) -- Vedanta Resources PLC said Monday that it planned to pay up to $9.6 billion to acquire a controlling stake in Cairn India Ltd. and, as a result, a "significant presence" in India's petroleum-rich state of Rajasthan.

Cairn India currently produces about 125,000 barrels of crude oil per day, a figure the London-based Vedanta said Monday that it planned to double. Rajasthan is estimated to host 6.5 billion barrels of oil and gas reserves.

According to Vedanta, the Rajasthan state oil project has been "largely derisked" because...
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