Miner Vedanta says in talks over Cairn India stake
British mining group Vedanta Resources announced Thursday that it was in talks with Scottish oil and gas explorer Cairn Energy over the purchase of a stake in its Indian division.
"Vedanta Resources Plc ... confirms that discussions are taking place with Cairn Energy Plc regarding an acquisition of an interest in Cairn India Ltd., a company listed in India," it said in a statement.
"Discussions are ongoing and there can be no certainty the contemplated acquisition will occur or of the terms of any such acquisition. A further announcement will be made when appropriate."
In a separate statement, Cairn confirmed that it was in talks with a third party over the sale of a stake in Cairn India, but did not name Vedanta, nor give any further details.
Edinburgh-based Cairn Energy holds a majority 62.37-percent holding in its Indian offshoot, following a partial flotation on the Mumbai stock exchange in 2007.
© 2010 AFP