New Delhi : Ahead of a planned merger of Cairn India and Vedanta Ltd, top officials of the oil firms including chief executive Mayank Ashar met Oil Minister Dharmendra Pradhan to brief on the transaction. Cairn CEO Ashar and CFO Sudhir Mathur met Pradhan on Wednesday to brief about the reverse merger planned by billionaire Anil Agarwal.
The boards of Cairn India Ltd and Vedanta Ltd are likely to meet on Sunday to consider a ‘reverse’ merger aimed at cutting debt on Vedanta books. Pradhan said his ministry’s only concern was investment in exploration has to increase so that oil and gas production rises. Officials of Cairn, which had cut capex by 60% to $500 million for current fiscal, told the minister that the company was focused on raising output.
