Vedanta has acquired 58.5 per cent in Cairn India for a total consideration of $8.67 billion, the third-largest acquisition ever by an Indian enterprise globally.
The delay in completing the deal was largely due to differences between the UK-based Vedanta and the Indian government over royalties.
During the course of the negotiations with the government of India, the deal also ran the risk of being derailed.
Vedanta now holds 38.5 per cent of Cairn India, and its subsidiary, Sesa Goa, holds 20 per cent.
The transaction also marks Vedanta's entry into the oil and gas sector, with the potential to enhance and grow opportunities for the group in the sub-continent.
In a media statement issued on Thursday, Anil Agarwal, chairman of Vedanta, said, "The acquisition is a landmark event for the global natural resources sector and for India, which is looking at sustainable energy sources to fuel its growing economy. We firmly believe Cairn India has the potential to double its current
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