Vedanta-Cairn deal biggest ever for Indian energy sector
The transaction is also probably the fourth largest M&A (merger and acquisition) deal involving an Indian company.
By PTI | Updated:
NEW DELHI: Billionaire Anil Agarwal-led Vedanta group's USD 8.6 billion acquisition of Cairn India, whose completion was announced today, has become the biggest M&A deal ever in the Indian energy sector.
The transaction is also probably the fourth largest M&A (merger and acquisition) deal involving an Indian company.
The bigger deals include Tata Steel's USD 12.2 billion takeover of European steel giant Corus, Vodafone taking over controlling stake in Hutch-Essar from Hutchison for about USD 11 billion and Bharti Airtel's acquisition of Zain Telecom's African assets for about USD 10.7 billion.
In the Indian energy sector, Vedanta-Cairn deal has overtaken British giant BP's stake buy in Mukesh Ambani-led RIL's energy blocks for USD 7.2 billion.
Vedanta group today said it has completed the long delayed acquisition of oil producer Cairn India Ltd. Vedanta paid USD 8.67 billion for 58.5 per cent stake in Cairn India, including 20 per cent through its Sesa Goa unit.
The deal, which was completed after 16 months of protracted wrangling over royalty payment, would give Vedanta control of nation's biggest onshore oilfield in Rajasthan and 9 other properties in India and one in Sri Lanka were a gas discovery was made recently.
Other large M&A deals involving Indian companies are the Hindalco-Novelis transaction (USD 6 billion), Daiichi-Ranbaxy (USD 4.50 billion), ONGC-Imperial (USD 2.80 billion) and NTT DOCOMO-Tata Teleservices (USD 2.70 billion).
The transaction is also probably the fourth largest M&A (merger and acquisition) deal involving an Indian company.
The bigger deals include Tata Steel's USD 12.2 billion takeover of European steel giant Corus, Vodafone taking over controlling stake in Hutch-Essar from Hutchison for about USD 11 billion and Bharti Airtel's acquisition of Zain Telecom's African assets for about USD 10.7 billion.
In the Indian energy sector, Vedanta-Cairn deal has overtaken British giant BP's stake buy in Mukesh Ambani-led RIL's energy blocks for USD 7.2 billion.
Vedanta group today said it has completed the long delayed acquisition of oil producer Cairn India Ltd. Vedanta paid USD 8.67 billion for 58.5 per cent stake in Cairn India, including 20 per cent through its Sesa Goa unit.
The deal, which was completed after 16 months of protracted wrangling over royalty payment, would give Vedanta control of nation's biggest onshore oilfield in Rajasthan and 9 other properties in India and one in Sri Lanka were a gas discovery was made recently.
ADVERTISEMENT
Other large M&A deals involving Indian companies are the Hindalco-Novelis transaction (USD 6 billion), Daiichi-Ranbaxy (USD 4.50 billion), ONGC-Imperial (USD 2.80 billion) and NTT DOCOMO-Tata Teleservices (USD 2.70 billion).
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
