In 2011, Cairn Energy Plc sold 58.5% of Cairn India to Anil Agarwal’s Vedanta Resources, for $8.67 billion. While Cairn India has approached the Delhi High Court, Cairn Energy is contesting the matter through an international arbitration. The merger plans of the companies hit a roadblock after the income tax department froze Cairn Energy Plc’s 9.5% stake in Cairn India. Last June, Vedanta Ltd, the flagship firm of Vedanta Resources Plc, decided to merge with its unit Cairn India. LIC is the single largest domestic minority shareholder in the Cairn India and its approval is crucial for the merger.

Source: Mint July 21, 2016 08:07 UTC