Cairn Energy expressed confidence that the sale of a 40% stake in their Indian arm, Cairn India, to Vedanta Resources would be completed. Cairn’s half yearly report revealed the deal, split into two stages, would bring in $5.4billion.
Simon Thomson, Chief Executive, Cairn Energy PLC said: “Following approval from the Government of India, all parties are now working to satisfy the consents and conditions to complete the sale to Vedanta as soon as possible. He added that shareholders were in line to profit from the “return of substantial funds” brought in.
The oil exploration company recently hit the headlines when Greenpeace activists staged a series of protests at their oil rig in the Arctic off the coast of Greenland.