If the waxy crude oil from Cairn's Mangala field in Rajasthan's Barmer area could get the company such high valuations, the prospects of other companies producing higher-grade crude oil or natural gas certainly brighten.
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
Company will also launch a global road show from May 23 for the bond placement.
Sunita Narain profiles the man who never took half steps to development and transformed a drought-hit village into a prosperous one back in the 1980s.
The Vedanta chief also appeared confident that the deal to acquire a majority stake in Cairn India, promoted by Edinburgh-based Cairn Energy Plc, would soon receive the approval of the government.
Whereas, the group is offering Cairn India's parent Cairn Energy Rs 405 a share, which includes a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
Mining major Vedanta Resources on Thursday said its investment in India would come down by up to $2 billion (nearly Rs 9,000 crore) in the next two years as expansion plans are put on hold after the group has been denied permission to mine bauxite in Orissa's Niyamgiri hills.
Zero-debt Cairn India has $2.85 billion cash reserve.
According to the Asian Rich List 2010, brought out by Eastern Eye, a publication of the Asian Media & Marketing Group, 59-year-old Mittal is followed by the Hinduja brothers -- Srichand and Gopichand -- with estimated wealth of 8 billion pounds, Anil Agarwal of mining group Vedanta Resources with 4 billion pounds, Sir Anwar Pervez of Bestways with 715 million pounds and industrialist Swraj Paul of Caparo with 510 million pounds.
Billionaire Anil Agarwal-owned mining firm Vedanta Resources on Thursday said it is in talks to buy a stake in Cairn India, the company that owns the nation's largest onland oilfield.
UK's Cairn Energy Plc on Tuesday said it will seek shareholder nod for sale of majority stake in its Indian arm, Cairn India, to London-listed Vedanta Resources Plc for up to $8.48 billion on October 7.
Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources.
The group also has plans to spend Rs 50,000 crore (Rs 500 billion) on power generation. The London-listed giant will spend Rs 43,000 crore (Rs 430 billion) to enhance its capacity, in addition to its Rs 50,000-crore (Rs 500-billion) plan in power generation.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
"That plant has a high cost of production and it is not feasible to operate it when aluminium prices have dropped significantly," said a company executive. It has started reducing output and full closure is expected soon. Aluminium prices fell to $1,251 a tonne on the London Metal Exchange from last July's all-time high of $3,271, as the global credit crunch and economic slowdown curbed demand for the base metal. On Wednesday, the metal's LME price was $1,421 a tonne.
Just when everyone wrote him off for his bid for bankrupt mining company Asarco, Vedanta Resources Chairman Anil Agarwal is back with a vengeance.Sterlite Industries, the Vedanta group's flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal -- its third bid in two years. The company on Friday said the modified takeover plan had been submitted to the district court in Texas.
If the protests die down and the bureaucracy speeds up, India might just get a new world-class university. Mining magnate Anil Agarwal is putting $1 billion into this dream.
Indian telecom czar Sunil Mittal and NRI businessman Anil Agarwal are among the four Indians featuring in the list of '48 Heroes of Philanthropy' compiled by business publication Forbes.
London-listed Vedanta Resources has cut its capital expenditure by $5 billion to counter the sharp fall in prices of non-ferrous metals.
Though the verdict of the bankruptcy court needs final approval from the district court, something that Sterlite is banking on, legal experts said that step was just a formality and nothing more. In its ruling filed late Monday, Judge Richard S Schmidt of the bankruptcy court at Corpus Christi in Texas recommended the district court judge to confirm the Grupo Mexico's plan and reject Asarco's own plan, which is sponsored by the Vedanta group company.
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
The Anil Agarwal promoted Vedanta Aluminium (VAL) plans to invest a whopping Rs 60,000 crore in aluminium, alumina and power sector in Orissa by 2013.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
Britain's richie-rich club saw their wealth melting away by more than half to 200 billion pounds in a year marked with a severe economic downturn, while Indian-origin steel tycoon Lakshmi Mittal took the biggest hit.
The bauxite-rich Gandhamardan hill in Orissa is likely to become the centre of an environmental and cultural controversy again after two decades. In 1986, India's third-largest alumunium producer Balco had applied for a mining lease in the area when it was a government company. This year, the hill is being sought by Balco again, but this time as a private company owned by London-based commodities entrepreneur Anil Agarwal's Vedanta group.
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
HCL's founder and chairman Shiv Nadar is making a second foray into university education having sought 300 acres of land in Noida, near New Delhi, to set up a Rs 300-crore (Rs 3 billion) multi-disciplinary university.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
The derivatives (futures and options) are not treated as capital asset and the income arising from the transfer of the derivatives is treated as business income and liable for normal rate of tax for domestic investors, an official statement said on Saturday, clarifying the stand of tax authorities on gains made from derivatives trading.
The Rajya Sabha was adjourned briefly on Wednesday as Samajwadi Party, Telugu Desam Party and All India Anna Dravida Munnettra Kazhagam members demanded Finance Minister P Chidambaram's resignation over certain references in a book on stock market.
Grandhi Rao shot into the limelight with his winning bid to privatize India's second-largest airport and a public offering that made him a billionaire. Now he has to live up to the hype.
Vedanta group flagship Sterlite Industries on Friday said it has raised over two billion dollar (about Rs 8,215 crore) through an initial public offering in the US, including the over allotment option.
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