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Cairn India says merger with parent Vedanta is on track

Shareholders in Cairn India, the country`s largest private sector crude oil producer, are to get one share in mining giant Vedanta and one redeemable preference share under a $2.3 billion deal to buy out minorities announced in June.

Mumbai: Cairn India Chief Executive Mayank Ashar said on Tuesday the firm`s proposed merger with parent Vedanta Ltd was "on track", brushing off reported demands from some minority shareholders for a higher price.

Shareholders in Cairn India, the country`s largest private sector crude oil producer, are to get one share in mining giant Vedanta and one redeemable preference share under a $2.3 billion deal to buy out minorities announced in June.