MUMBAI (Reuters) - Indian metals and mining group Vedanta Limited (VDAN.NS) said on Tuesday it had completed its buyout of oil and gas explorer Cairn India Ltd (CAIL.NS), consummating a deal that was delayed for months by investor opposition.
Cairn India said in a separate statement its board had made the merger effective as of Tuesday.
The deal gives Vedanta Limited, the Indian unit of diversified energy group Vedanta Resources PLC (VED.L), access to Cairn’s $3.5 billion cash pile, boosting its finances.
It was delayed due to opposition from some big minority shareholders, leading Vedanta to sweeten the offer last August.
“This merger will increase the appeal of Vedanta Ltd to global investors as it simplifies the structure and increases the size and free float of the company,” Vedanta Limited’s Chief Executive Tom Albanese said in a statement.
Reporting by Zeba Siddiqui in Mumbai; Editing by Mark Potter