The Vedanta group, promoted by India-born Anil Agarwal on 16 August 2010 announced its decision to buy a 51-60 per cent stake in oil major Cairn India Ltd for a consideration of $8.48 billion-9.6 billion. Vedanta would pay its parent Cairn Energy of the UK an amount of $8.66 (Rs 405) per share. With this attempt Vedanta plans to acquire the company which is also the fourth largest oil producer in India. London-listed Vedanta Resources and group firm Sesa Goa decided to buy 40 and 51 per cent of Cairn India and then offer to buy up to 20 per cent from other shareholders to give it a stake of between 51 and 60 per cent.
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