India’s benchmark stock index will climb as much as 6 percent to a record by year-end if state election results this weekend confirm gains by the nation’s main opposition party, according to a Bloomberg survey.
Billionaire Anil Agarwal has asked Cairn India Ltd., which enjoys the highest profit margin among the top Asian oil companies, to explore ways to double output as his mining business in the South Asian nation founders.
Billionaire Anil Agarwal, who controls London-based Vedanta Resources Plc, said he regrets investing 500 billion rupees ($8 billion) on an aluminum complex in India that’s faced a shortage of raw materials.
Vedanta Resources Plc, the oil and metal producer controlled by Indian billionaire Anil Agarwal, plans a two-stage syndication to raise $500 million to repay a dollar-denominated bond obligation falling due early next year.
Billionaire Anil Agarwal’s Cairn India Ltd. will spend about $1 billion to buy back shares giving him greater control over the company as environment rules derail his mining business, two people familiar with the plan said.