Vedanta Set For Bold Move Into Oil And Gas Sector

India-focused mining company Vedanta Resources will pay up to US$9.6bn for a majority stake in Cairn Energy's Mumbai-listed subsidiary Cairn India, the company said in an August 16 press release. With the purchase, Vedanta will hope to emulate the success of Australia's BHP Billiton, which successfully branched out from its mining business to the oil and gas sector in the early 2000s.

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