Agarwal to merge Vedanta units

Indian billionaire Anil Agarwal, owner of London-listed conglomerate Vedanta Resources, announced plans to merge his cash-rich energy company with his struggling resources arm, a move aimed at streamlining debt.
Shareholders in Cairn India, India´s top private oil producer, will get one share in Vedanta Limited, the country´s biggest producer of aluminium and copper, for every held, the companies said in a statement.
The boards of both companies approved the move to be completed in the first three months of 2016 after meeting regulatory requirements and any concerns from shareholders. Agarwal said the move was a “significant step” towards simplifying Vedanta Resources´ structure and creating “long term sustainable value”.
Vedanta Limited chief executive Tom Albanese said the deal moved the companies closer to building an Indian integrated resources group — such as Rio Tinto or BHP Billiton.
“I am quite excited by this deal and it marks another step towards forming a first natural resource giant from India,” Albanese told reporters.