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Huge India Oil Deal is agreed with Edinburgh Firm

Edinburgh based firm Cairn Energy is about to make its shareholders very happy as they are set to receive a large windfall due to the fact that the oil and gas exploration and production company gave the go ahead to sell off assets in India. Vedanta Resources is listed as an Edinburgh based mining firm and will hand over around £6.1 billion in order to gain a share of between fifty one percent and sixty percent in Cairn Energy India.

The deal was rapidly negotiated over a period of three weeks and as part of the done deal Vedanta’s founder Anil Agarwal has also managed to gain a foothold in India’s large oil reserve where a rise in the current exposure of the market is set to peak. The founder of Vedanta is of course a very rich man and is actually thought to be a billionaire however he is happy with the plans as they will enable him to ‘significantly enhances Vedanta’s position as a natural resources champion in India ‘
Cairn were happy to make the deal as they needed money to give back to their shareholders and also to allow them the appropriate amount of money to further exploration in Greenland. Greenland is set to be the next big project on the table for the company.

Once the deal was complete Vedanta and Cairn India, who is actually the fourth biggest oil and gas company in the world, had the amazing potential to double the current production of daily oil barrels to approximately 240,000. This figure has a direct result on Vedanta’s prime position on the market and puts it in a leading position of around a quarter of India’s output of oil. This is of great interest to markets where industrialisation, economic growth and also a rapidly expanding population are all pushing up the demand for oil.

Such great notoriety does however come with great pressure for Vedanta who have been forced to defend its human rights record in India as it has extensive plans to build a bauxite mine in the Orissa state. Permission to get the grant to build such a mine has been hindered by the Indian government however so plans may well be on hold. Questions have also arisen regarding Vedanta’s ability to follow in BHP Billton’s footsteps in making the most of Cairn India’s major resources.