Vedanta's Cairn India appoints new chief

Vedanta's oil and gas subsidiary Cairn India has appointed a new managing director and chief executive officer to start mid-November.

Mayank Ashar has more than 36 years of experience in the international oil and gas industry and has previously held top leadership roles at a number of companies.

The chairman of Cairn India, Navin Agarwal, said: "Mayank has a strong track record of executing corporate strategy, driving operational efficiency and delivering value to all stakeholders. His appointment comes at a critical phase when Cairn India is focused on delivering the next level of growth from its world-class Rajasthan asset and other assets.

"We are confident that Mayank's unique blend of extensive oil and gas experience, leadership, organisational ability and business acumen will play a critical part in achieving Cairn India's vision of sustained growth."

Shares in Vedanta climbed 0.93% to 812.50p by 10:48.