Vedanta now holds exclusive rights to the Cairn brand. Cairn Energy, the Scottish oil and gas exploration company, will change its company name to Capricorn Energy on December 13. The LSE stock ticker of the company, however, will remain CNE. <\/p>\n
\u201cThis follows an agreement at the time of the Cairn India initial public offering that the name would ultimately be changed,\u201d a statement on the Cairn Energy website said. <\/p>\n
\u201cCairn Energy will discontinue the use of the brand name \u2018Cairn\u2019 as part of its corporate identity by December 2021,\u201d Vedanta said in a statement. <\/p>\n
\u201cThe brand \u2018Cairn\u2019 is exclusively owned by Vedanta,\u201d the statement added. <\/p>\n
Commenting on the change, Vedanta\u2019s Chief Executive Officer (CEO) Sunil Duggal, said, \u201cWhen Cairn Energy exited its Indian operations in 2011 after selling its stake to Vedanta Group, it continued to use the brand name \u2018Cairn\u2019 though the brand \u2018Cairn\u2019 is owned by Vedanta (erstwhile Cairn India).\u201d <\/p>\n
After being taken over by the Vedanta Group, the domestic company, Cairn India, disassociated itself from Cairn Energy. Both companies are now separate legal entities with different promoters and shareholders. Cairn India was later merged into Vedanta Limited in 2017 and renamed as Cairn Oil and Gas. <\/p>\n
Prachur Sah, Deputy CEO, Cairn Oil & Gas, said, \u201cThe disassociation of Cairn Oil & Gas from Scottish company Cairn Energy was always a matter of fact. This clarity will help us disengage from issues involving Cairn Energy.\u201d <\/p>\n
Cairn Energy was engaged in a pitched battle with the Indian government on a retrospective tax dispute. The centre eventually budged and agreed for a settlement with Cairn Energy. \u201cGiven the recent legislative change in India and our participation in the related tax refund process, we are now putting in place the planned name change,\u201d Cairn Energy said. <\/p>\n
\u201cThe majority of Cairn\u2019s subsidiaries have been known as Capricorn for some time. It is an established name across our global operations,\u201d the company added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Vedanta now holds exclusive rights to the Cairn brand. Cairn Energy, the Scottish oil and gas exploration company, will change its company name to Capricorn Energy on December 13. The LSE stock ticker of the company, however, will remain CNE. \u201cThis follows an agreement at the time of the Cairn India initial public offering that the name would ultimately be changed,\u201d a statement on the Cairn Energy website said. \u201cCairn Energy will discontinue the use of the brand name \u2018Cairn\u2019 as part of its corporate identity by December 2021,\u201d Vedanta said in a statement. \u201cThe brand \u2018Cairn\u2019 is exclusively owned […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-447621","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/447621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=447621"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/447621\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=447621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=447621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=447621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}