Mumbai: The Anil Agarwal-led Vedanta is looking to sell a minority stake in Cairn India to a strategic partner as the diversified oil-to-metals conglomerate looks to cut its mammoth $6.6 billion (Rs 46,500 crore) debt and revive cash flows amid economic uncertainty.
Cairn is the country’s largest private sector oil and gas producer accounting for nearly a quarter of India’s total domestic crude oil production and Vedanta may look to dilute up to 25% to raise a minimum of $1.5-2 billion (Rs 10,500-14,100) through this “value unlocking” exercise. Bank of America Merrill Lynch and Barclays have been mandated to run a formal process, said multiple people aware of the matter.
