|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||279.65 - 287.65|
|52-week range||279.65 - 287.65|
|PE ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||229.17|
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030.
"A tax refund in respect of financial year 2011-12 in the amount of Rs 1,590 crore ($249 million) which became due to Cairn as a consequence of a successful appeal by the company to the Delhi High Court has also been directed to the Income Tax Department to be set against the 2006-07 (retrospective tax) liability and Cairn's claims under the international arbitration have been adjusted to include this," the oil explorer said in its half-yearly financial and operations statement. Cairn had before an international arbitration tribunal in July last year sought $5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 10,247 crore on alleged capital gains Cairn made in a 2006 reorganisation of its India business.
Mumbai, April 11 (IANS) Natural resources major Vedanta Ltd. said on Tuesday that its merger with subsidiary energy firm Cairn India has become effective. "Vedanta Limited (Vedanta) and Cairn India Limited (Cairn India) today (Tuesday) announced that the merger of Cairn India with Vedanta pursuant to the Scheme of Arrangement has become effective," said both firms in a joint statement. "This merger consolidates Vedanta's position and the merged company will have a larger pro forma market cap of $15.6 billion and higher free float of 49.9 per cent. Vedanta will have one of the strongest balance sheets in the Indian corporate sector," it said.
Indian metals and mining group Vedanta Limited said on Tuesday it had completed its buyout of oil and gas explorer Cairn India Ltd, consummating a deal that was delayed for months by investor opposition. Cairn India said in a separate statement its board had made the merger effective as of Tuesday. The deal gives Vedanta Limited, the Indian unit of diversified energy group Vedanta Resources PLC, access to Cairn's $3.5 billion cash pile, boosting its finances.
Mumbai, March 28 (IANS) Natural resources major Vedanta Ltd. said on Tuesday it has received all approvals for its merger with subsidiary energy firm Cairn India, except the RBI's permission for issuing redeemable preference shares to the non-resident shareholders of Cairn. "The company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Ltd. and Cairn India Ltd., and their respective shareholders and creditors (Scheme) save and except the approval of Reserve Bank of India for issuance of redeemable preference shares to the non-resident shareholders of Cairn India," a Vedanta Ltd. and Cairn India joint statement said.
India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports. The policy approved by the Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks awarded before 1999. Prime Minister Narendra Modi's Bharatiya Janata Party has been taking steps to boost local oil and gas output, which had been almost stagnant for decades.
New Delhi, March 6 (IANS) Hydrocarbons major Cairn India on Monday announced it has appointed oil and gas experts Melody Meyer and Atul Gupta as advisors in a move to gear up to realise its aim of contributing 50 per cent of India's overall crude production. "They will provide strategic direction and delivery focus to Cairn India, as the company embarks upon its growth journey of contributing to 50 per cent of India's overall crude production, through 5 billion barrels of oil equivalent reserves and growing and sustaining production at 300,000 barrels of oil and oil equivalent per day," Cairn India said in a release here.