Go Finance Reporting in KUALA LUMPUR - Malaysia's state oil company, Petronas sold its 15 percent stake in Cairn India worth $ 2, 1 billion. Ingrris miner, Vedanta also has declared a purchaser.
As quoted by AFP, Vedanta will take over these shares through his company Sesa Goa. The company has acquired 200 million shares amounting to 10.4 percent shares of Cairn India from Petronas. While the remaining 3.9 percent were taken by other institutions whose names are not mentioned.
Vedanta, controlled by Indian-born billionaire Anil Agarwal. Last August he said he wanted to buy up to 60 percent of Cairn India to increase its assets in India.
But the transaction is delayed because of conflicts between Cairn and its partner state-owned Oil and Natural Gas Corp (ONGC) royalty payments relating to the production at India's largest oil field. (GoFinance)
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