Anil Agarwal, Chairman of Vedanta Group is breathing a sigh of relief after16 months labour. Vedanta today finally acquired a controlling stake in Cairn India, 16 months after announcing this proposed transaction.
In an interview to CNBC-TV18, Agarwal said that the group is going gung ho on Cairn and has all infrastructure to double its production. He, however, points out the group has to complete certain government formalities before ramp-up. On a very confident note, Agarwal says, "ONGC is going to fully support us in doubling capacity."
Cairn energy, which had in July sold a 10% stake in Cairn India to Vedanta for about USD 1.4 billion, got another USD 4.1 billion from the sale of the remaining 30%.
Vedanta group now holds nearly 60% in Cairn India and Cairn Energy has retained 22%. The Vedanta group funded 50% of this USD 8.67 bn deal via debt and remaining 50% from its own resources. Here is an edited transcript of his interview with CNBC-TV18
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