Cairn India shareholders approve Vedanta merger

Cairn India’s shareholders have approved the group’s merger with parent company Vedanta.

The move was approved by 92.86% of shareholders. The scheme was also approved by a majority of the minority shareholders, with 72.43% in favour of the resolution.

Vedanta Resources chairman Anil Agarwal 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.”

Sudhir Mathur, chief financial officer and acting chief executive officer 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."