Vedanta Resources Plc, the mining and energy group focused on India, plans to operate in Zambia for 50 years even as that unit is making a loss and “some challenges remain,” Chief Executive Officer Tom Albanese said.
Cairn India Ltd., operator of the nation’s biggest oil field on land, reported a 19 percent increase in fourth-quarter profit on higher production and predicted output would remain flat this financial year.
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.
Vedanta Resources Plc, the mining and energy group focused on India, will increase earnings from its oil acquisition and bet on zinc as global reserves of the metal decline, Chief Executive Officer Tom Albanese said.
Cairn India Ltd., which pumps crude oil from the nation’s biggest deposit on land, started its first commercial sales of natural gas from the area and activated a new oil field to revive lower-than-expected output.
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.
Vedanta Resources Plc , struggling to take over Cairn India Ltd. because of approval delays, bought 10.4 percent in the explorer from Petroliam Nasional Bhd. while offering to buy stake from minority investors at a higher price.