Miner Vedanta says in talks over Cairn India stake

12th August 2010, Comments 0 comments

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

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