Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
The panel, however, set some conditions for the company, including that Cairn India will have to upload the status of environment compliance, including results of monitored data, on its website and update it periodically.
Cairn wants the stakes that its different subsidiaries, including those registered abroad as well as showpiece Rajasthan oilfields, hold in oil and gas properties, to be transfered into one India-based company.
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.
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.
Vedanta to file notice of claim in Cairn India tax case.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
It is the second firm to have received retrospective tax notice this year after Vodafone Group.
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
Cairn India Ltd, which listed on the National Stock Exchange at Rs 152 on Tuesday, said it will invest $1.5 billion in exploration and development activities in India over the next three years.
Petronas of Malaysia has picked up about 10 per cent stake in Cairn India Ltd, the subsidiary of Scottish oil firm Cairn Energy Plc, that is to be listed on Bombay Stock Exchange by the end of next month.
Oil and gas exploration major Cairn India Ltd on Tuesday got listed at Rs 140 on the Bombay Stock Exchange with a discount of 12.5 per cent over its issue price of Rs 160.
Cairn said it had initiated arbitration.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
The exploration company will buy back shares from January 23 and extinguish them.
Cairn India is 25th on the list with 22.2 per cent CGR.
The company has not been able to sell its 9.8% stake in Cairn India
The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Participants are eagerly waiting for the key macrodata -- IIP and CPI numbers due to be released later today.
A plea of the UK-based Vedanta group company to export its share of crude oil from Barmer oil field in Rajasthan was on Tuesday rejected by the Delhi high court on the ground that domestic crude cannot be exported till India attained "self sufficiency".
The company faces a potential tax demand.
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Three PSUs, three private firms join bid to acquire 40% stake in Haldia Petrochem.
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