The boards of oil company Cairn India and its parent, Vedanta will meet on Sunday to discuss a potential merger, both companies said.
Vedanta is the operating unit of London-listed mining and energy group Vedanta Resources.
Sri Lankan President Mahinda Rajapaksa on Sunday said natural gas has been found off the Indian Ocean island nation, in a well Cairn India said required more exploration to see if it is commercially viable.
Cairn, a subsidiary of London-li
India-focused mining group Vedanta Resources agreed a $6 billion financing deal with a consortium of banks to help fund its proposed acquisition of a majority stake in the Indian unit of Cairn Energy.
London-listed Vedanta said in a statem
India-focused miner Vedanta Resources is close to a deal to buy a 51 per cent stake in Cairn India for $8 billion to $8.5 billion, a source familiar with the matter said.
The deal would represent Vedanta's first foray into oil and gas,