13 August 2010;dailypioneer.com:New Delhi:Billionaire Anil Agarwal-owned mining firm Vedanta Resources on Thursday said it is in talks to buy a stake in Cairn India, the company that owns the nation’s largest onland oilfield. The London-listed firm said “discussions are taking place with Cairn Energy Plc regarding an acquisition of an interest in Cairn India Ltd, a company listed in India.” Cairn Energy, which holds a 62.37 per cent stake in Cairn India, also confirmed the discussions in an almost identical separate statement saying: “The board of Cairn Energy PLC (“Cairn”) notes the media speculation and confirms that discussions are taking place with a third party in respect of the disposal of an interest in Cairn India Limited. Cairn emphasises that there can be no certainty the contemplated disposal will occur or as to the terms of any such disposal. A further announcement will be made when appropriate.” Interestingly, this is not the first time that talks of Cairn Energy selling a stake have emerged. Over the past 2-3 years, the Edinburgh-based firm has been rumoured to have been in discussions with steel tycoon L N Mittal and Italy’s Eni Spa, among others, for an outright sale of its interest in Cairn India, or at least the sale of an asset.
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