Sesa Sterlite Ltd., India’s biggest iron-ore exporter until a ban halted its mines in Goa 18 months ago, plans to lay off 40 percent of its workforce in the state to cope with spiraling costs and negligible business.
Cairn India Ltd., operator of the nation’s biggest onshore oil deposit, posted the smallest profit in three quarters and missed analyst estimates as staff costs climbed and a stronger rupee led to currency losses.
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’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.
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.