Cairn Energy set to earn windfall from sale of business in India

London, Aug.16 (ANI): Cairn Energy was last night in the final stages of talks to sell part of its holding in its Indian offshoot to mining group Vedanta Resources.

Vedanta wants to buy a 51 per cent stake in Cairn India for about 8.5billion dollars, the Daily Express reports.

Mumbai-listed Cairn India is 62 per cent owned by Edinburgh-based Cairn Energy, founded and led by former Scotland rugby international Sir Bill Gammell.

Cairn Energy bought the interests in the Rajasthan region from Royal Dutch Shell in 1997, but they shot up in value after oil was discovered in 2004.

As final details were being thrashed out Cairn Energy was said to be keen to retain a substantial minority holding in the business. (ANI)