Vedanta Resources has received the Indian government’s approval to buy Cairn India for $8.5 billion, The Guardian reports. The acquisition will give Vedanta a 58% stake in Cairn Energy. Vedanta is borrowing $7 billion to meet funding costs. Following the transaction, which has to be approved by Cairn Energy shareholders, Vedanta’s gross debt will exceed $16 billion.
Click here for the story from The Guardian.