Cairn Energy based in Edinburgh will have a stake of five percent in Vedanta Ltd after it merges Cairn India with itself. Cairn Energy has a running tax dispute with the Government of India and it will also
get four percent preferential shares in the merged entity under a scheme announced in 22 Jul 2016 by Vedanta promoters. Vedanta Group led by Anil Agarwal expects to complete the merger of Vedanta Ltd with its subsidiary Cairn India by Mar 2017. The acting chief executive officer and financial head of Cairn India has said that the tax dispute will not have any impact on the merger process.
Copyright (c) 2016 . Informatics India Ltd., source Indian Business Insight