Vedanta to Buy Cairn India Stake in $9.6 Billion Deal

Vedanta Resources said Monday that it would buy from Cairn Energy a stake in its Indian subsidiary for up to $9.6 billion in cash, acquiring with the deal Cairn’s huge Rajasthan oil field with plans to bolster India’s domestic oil production.

Vedanta, headed by the mining billionaire Anil Agarwal and headquartered in London, said it would pay 405 rupees, or $8.66, per share of Cairn India, a premium of about 32 percent over recent share prices.

The company will buy between 21 and 40 percent of Cairn India, while collaborating with the Indian iron ore producer Sesa Goa to make a tender offer for another 20 percent of Cairn diluted shares.

Vedanta said it was financing the deal with debt and internal cash reserves, and intended to build up an “Indian natural resources champion” using the company that produces 125,000 barrels of crude per day from the Rajasthan field, and which sits on an estimated 6.5 billion barrels of oil and gas.

“Cairn India represents a unique oil and gas exploration and production platform with the second-largest reserves in India among private sector oil companies, a proven management team, and low-cost production,” Vedanta said.

India currently needs to import two-thirds of the oil it consumes to fuel its dramatic economic growth, with that share expected to increase in coming years — a trend Vedanta hopes to curb.

Cairn, which now owns 62.4 percent of its Indian arm, said in a separate statement Monday that much of the cash would go to its shareholders, with the rest financing exploration in Greenland, where it has a major presence. The company, based in Scotland, will keep a minority stake in Cairn India of between 10 percent and 21 percent.

Cairn India, listed on the Bombay Stock Exchange, is one of the largest oil and gas companies in the country.

The deal is expected to close by the first quarter of next year at the latest. It has been cleared with regulators but awaits shareholder approval at both companies.

Standard Chartered Bank led the financing and advising of Vedanta, with J.P. Morgan Cazenove and Morgan Stanley serving as joint lead advisers and sponsors, and Credit Suisse and Goldman Sachs acting for joint financing and advising.

NM Rothschild & Sons advised Cairn.

WWE SUMMERSLAM 2010 RESULTS

Here we are finally. The summerslam action is back. Unlike any other Summerslam, Summerslam 2010 has more cruel battle which will decide the future of WWE.

Yeah, am mentioning about the rivalry between Team WWE which includes John Cena, Bret Hart, Edge, Chris Jericho, John Morrison, R Truth and the undecided member against the evil Nexus.

Did you notice the new pic of Summer Slam uploaded here, it has Triple H removed but Undertaker pic is still there. I think we might see him today as the 7th member of the WWE team

To watch WWE Summerslam online Visit here

The list of announced matches that is to take place in this summerslam 2010 are

• Rey Mysterio Vs Champion Kane for World Championship
• Champion Sheamus Vs Randy Orton for WWE Championship
• Team WWE Vs The Nexus
• Match rules :A eliminated team member leaves the ring. A team will be announced winner when the opponent team has no members left
• The Big Show Vs The Straight Edge Society (CM Punk, Joey Mercury, Luke Gallows)  in Three on one handicap match
• Alicia Fox Vs Melina for WWE Divas Championship
• Dolph Ziggler Vs Kofi Kingston for WWE Intercontinental Championship

Sreeram Chandra wins Indian Idol 5

Mumbai: Sreeram has won Indian Idol 5 at a glittering event in Mumbai. Bollywood superstar Amitabh Bachchan declared the winner.

The judges Saleem Marchant, Sunidhi Chouhan and Anu Malik went along with the People’s decision.

This year’s top 3 finalists Bhoomi Trivedi, Rakesh Maini and Sreeram Chandra performed during the final show.

Bhoomi Trivedi was Radio Mirchi’s choice for Radio Jockey among the top 5 contestants of this year’s Indian Idol.

Other Indian Idol contestants also sang the song “Vande Mataram” signifying India’s 63 years of Independence.

Bollywood beauties Kareena Kapoor and Anushka Sharma also made appearances adding glitter to the show.

24 year old Sreeram Chandra’s singing career started taking shape right from the school days when he bagged prizes participating at various contests. He started taking professional singing training in his college days. He is a complete music enthusiast and has performed in various music shows including playback singing for a few Telugu movies.

Indian Idol is a reality talent show and is hugely popular. The show has gone on to win hearts and at the same time has captured the imagination of the country’s youths. Over the years, Indian Idol show has produced some excellent talents.

Watch Sreeram’s Best performances at Indian Idol 5 – Click Here