Cairn India sells stake, raises $1.6 billion
Rajasthan crude oil fields operator Cairn India Thursday said it had sold a 2.3 percent stake to Malaysian oil major Petronas and raised $1.6 billion through domestic and overseas channels to repay an existing debt and fund further investment needs.
Vedanta Resources, the London-listed Indian mining group, is to take a majority stake in Cairn India for up to $9.6bn in cash in a deal that would give it control of one of India's biggest onshore energy assets.