Cairn India, Vedanta boards to meet on Sunday, merger proposal on cards

Mumbai: The boards of oil company Cairn India and its parent Vedanta Ltd will meet on Sunday, Cairn said, to discuss what could be a potential merger of the company with its parent, the operating unit of London-listed mining and energy group Vedanta Resources Plc. [caption id=“attachment_2294360” align=“alignleft” width=“380”] Reuters[/caption] Vedanta this week signalled it was considering merging the two Indian units, as it tries to resolve a mismatch between its debt, held at the top of the group, and its cash, largely generated by subsidiaries, including Cairn. On Friday, India’s oil minister, Dharmendra Pradhan said he had met Cairn executives this week to discuss the potential merger and a source familiar with the matter had said the deal could be announced as early as Sunday. Reuters