INDUSTRY NEWS

Vedanta’s Anil Agarwal says open to Cairn India stake sale

Diversified natural resource company Vedanta’s Anil Agarwal is open to selling stake in Cairn India to make it valuable for investors. Agarwal said that the company is interested in buying stake in BPCL.

Agarwal said: “If any foreign company bids for BPCL, I welcome it. We will also do our due diligence and we will see if it is at right price for our shareholders, we will definitely be interested.”

On BPCL

However, the price of BPCL has jumped by 45 percent which is very high, he added. For a company which can make maximum $1 billion, having a market cap of $15 billion, looks very high, according to him.

On Cairn India

On Cairn India he said: “Cairn has a market of gas, oil, we have phenomenal infrastructure, we have offshore, we have onshore.”

“Whether we do public issue, whether we sell some stake or sell some part of the asset, everybody is interested. I have never seen so much of interest in Cairn. I am open for any kind of stake sale but we are building up a huge fantastic oil and gas company.”

Source
CNBC
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