Cairn India shareholders approve merger of Cairn India Limited with Vedanta Limited

The equity shareholders of Cairn India Limited have today approved the Scheme of Arrangement of Cairn India Limited with Vedanta Limited with requisite majority. Vedanta Limited shareholders already approved of the scheme on 9th September 2016.

Anil Agarwal, Chairman of Vedanta Resources plc, said: "The Vedanta Limited - Cairn India merger has been approved by a significant majority by all sets of shareholders, and I am confident that the simplified corporate structure will better align interests between all shareholders for the creation of long-term, sustainable value.

Tom Albanese, CEO of Vedanta Limited, said: "The approval for the Vedanta Limited and Cairn India merger by both sets of shareholders consolidates our portfolio of attractive, Tier-I assets and simplifies the group structure. We remain committed to delivering superior value for the shareholders of the merged company through our diversified portfolio of world-class, low cost, long-life assets that have significant growth potential." 

Commenting on the merger, Navin Agarwal, Chairman of Cairn India, said, "I am pleased that the shareholders of Cairn India have approved the merger of Cairn India with Vedanta Limited. We are confident that the financial strength and diversified portfolio of Tier-I assets of the merged company, with strong growth potential, will provide de-risked earnings and stable cash flows and drive long-term value."

Sudhir Mathur, CFO and Acting CEO of Cairn India, said: "The shareholders of Cairn India have approved the merger with Vedanta Limited, and I am confident that they will benefit from exposure to Vedanta's diversified portfolio of assets while retaining the upside from Cairn's strong oil & gas assets."

The Scheme is now subject to the approval of the jurisdictional High Courts and other regulatory approvals and is expected to be effective by the end of this financial year.

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