Green light for Cairn India deal

Oil explorer and producer Cairn India has received approval from a majority of its shareholders to accept conditions imposed by Indian authorities to clear Vedanta Resources’ deal to buy 40 per cent stake in the company.

India granted Vedanta conditional approval in June to buy a stake in the Indian business of Edinburgh-based oil explorer Cairn Energy, in a deal valued at about $6 billion (£3.8bn).

The resolution was approved by shareholders with a majority of 97.3 per cent, Cairn India said in a statement yesterday.