Vedanta confirms Cairn deal approval

Vedanta Resources yesterday confirmed that Indian regulators had now approved all conditions for Cairn Energy’s sale of a controlling stake in Cairn India.

Edinburgh-based Cairn Energy, which owns about 52 per cent of Cairn India, has been awaiting clearance to sell a 30 per cent stake in the business to mining giant Vedanta, which already owns a 29 per cent holding.

The deal is set to bring in cash for Cairn’s drilling campaign off the coast of Greenland and to return a “substantial proportion” of the proceeds from the sale to shareholders.