
India’s Vedanta Resources has said it will acquire a 51 to 60 per cent stake in Cairn Energy’s Indian unit for between £5.4 billion to £6.1 billion.
The move represents Vedanta's first foray into oil and gas, and will help Edinburgh-based Cairn Energy fund a drilling programme in Greenland.
Cairn India operates the country’s largest onshore oil field, and has a market value of approximately £8.6 billion.