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Cairn Energy chief executive Bill Gammell (left) and Vedanta chairman Anil Agarwal: obstructed by protocol, bureaucracy and a jealous rival |
When Vedanta Resources announced its intention to buy a controlling stake in the Indian oil interests of Cairn Energy on August 16 for up to $9.6 billion it looked like a rare and much-needed triumph for New Delhi.
Here was a classic win-win outcome. Mining company Vedanta, London listed but India oriented, was desperate to make a splash in the country’s oil and gas sector. Its billionaire founder and executive chairman, Anil Agarwal, saw Cairn India, 62.4% owned by its Edinburgh-based parent, as his destiny.
Buying between 51% and 60% of Cairn India at Rs355 ($8) a share (a hefty premium to Cairn India’s share price) would catapult Vedanta into the big league, creating, the company grandiloquently promised, an "Indian natural resources champion".
Cairn Energy...
