BRITISH oil explorer Cairn Energy has announced, it has sold 10 per cent of its Indian unit to Vedanta Resources for a net cash sum of $1.362 billion (£860 million).
India had last month given conditional clearance to the sale of Cairn Energy's Indian oil fields to mining group Vedanta.
In a statement issued today, Cairn said it "completed the sale of 10 per cent fully diluted share capital in Cairn India," adding that it planned to offload a further 30 per cent to Vedanta subject to "approvals from the Government of India."
Following the sale of the 10 per cent stake on Monday (July 11), Cairn remains the majority shareholder of Cairn India with a 52.2 per cent shareholding. Vedanta now owns 28.5 per cent of Cairn India.
Cairn had agreed to sell a 40 per cent stake in Cairn India to Vedanta nearly a year ago but the deal had become bogged down in a dispute over royalties.
