Government of India has taken the first step to withdrawn the retrospective tax demands imposed on Vedanta, the mining group said in a statement. Vedanta’s former subsidiary and oil producer Cairn Energy was hit with a retrospective tax bill of Rs 10,247 cr in January 2014, or Rs 20,495 cr including penalties and interest. Cairn […]
Vedanta, one of the world’s biggest producers of minerals, said it plans to increase its oil and gas output by around 100,000 barrels per day to 275,000-300,000 barrels per day by March 2020, and expand its Tuticorin copper plant to the world’s largest. At present, the Tuticorin copper smelter is producing 400,000 tons per year. […]
Cairn India said its gross production of oil and gas across all assets rose 2% to 184,585 barrels of oil equivalent per day (boepd) in the Jan-March quarter compared to the preceding quarter, but declined 6.3% on year. Gross production from Rajasthan block averaged at 157,338 boepd for the quarter. With this, the average gross […]
The proposed merger between petroleum producer Cairn India and its parent Vedanta Plc is “likely to be unlikely”, Edelweiss Securities said. Raising the question of minority interest, Edelweiss said the deal does not seem to offer any overt benefits to Cairn India. “From Cairn’s perspective, we fail to understand the benefits of any synergies that […]
