The merger of Cairn India with Vedanta has been completed, the two companies controlled by billionaire Anil Agarwal, have said.
“This merger consolidates Vedanta’s position as one of the world’s largest diversified natural resources companies, with world-class, low-cost assets in metals & mining and oil & gas,” the companies said in a joint statement.
The merged company would preserve the “Cairn” brand, the two companies said.
The new merged company has £3.5 billion in finances available which will be a boost to the company’s bottom line.
No shares will be issued to Vedanta or any of its subsidiaries for their shareholding in Cairn India.
Separately, Cairn India said its average gross production declined by 7 per cent in 2016-17 due to natural decline in the fields and planned maintenance shutdown in Rajasthan.