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Shareholders gave 100% nod for Cairn merger: Vedanta Chairman

Vedanta ‘s Chairman Anil Agarwal, says that company has got 100 percent approval from Vedanta shareholders for Cairn India-Vedanta merger. It has done everything that the minority shareholders wanted.

There is no scope for further reworking of the merger’s contours, he adds.

But Agarwal cannot Speak for Cairn India ‘s shareholders for now.

Below is the verbatim transcript of Anil Agarwal’s interview to Kritika Saxena and Nigel D’Souza on CNBC-TV18.

Kritika: Vedanta Resources had already approved and now today Vedanta Limited has approved. Was it a 100 percent consensus today as well?

A: Yes, absolutely, this is a win-win for everybody if you see the how this year has performed, how everybody believe that this is going to happen, so shares perform well and they all started believing that having the one natural resource company out of India is absolutely necessary. It will create value it will give a better valuation, so things are moving in the right direction.

Nigel: As you say things are moving in the right direction, you have been working on this for some time. The bigger question is will Cairn India’s shareholders really approve this, that’s due a couple of days from now. Any sense that you are getting so many news articles in fact today saying that yes we have LIC on board. Any quick comments on that and you are sounding pretty confident that Cairn India shareholders as well are going to give the go ahead?

A: I don’t know, because that they have to go very independent. I know that it is benefit for them, they are looking what is good for them each shareholder and how the shareholder is going to benefit, long term, short term, both way it is going to be very beneficial and as you see the all the shareholders are going in a right direction. I believe that things will go in right direction.

Kritika: Has there been a conversation yet, because this is a very important move and now it is just one hurdle left that is Cairn. Has there been any conversation yet with Cairn Energy?

A: It is not a hurdle, it is a process.

Kritika: Has there been any kind of conversation with Cairn Energy on this?

A: We are making a presentation to Cairn Energy with all the shareholders, because that’s our duty, that’s our process, where we have told them this is how it is going to benefit and you have seen the share has performed Cairn India, so all has seen that this is going in the right direction and with how we look at it.

Kritika: Just walk us through the conversation with investors and the road ahead then?

A: This is same thing. We on very transparent manner, we have told them this is how the value can be created, what is good for India, what is good for the company, what is good for the shareholder and this is how the value been created. This is what we can do. I am not looking from them across the table to tell me. We can always say that this is not we are going to do if they have any question, we answer them well and we have find that there is nothing which was not unanswered.

Nigel: Have any of them told you, let’s get back to the drawing board, let’s rework this, we want a sweeter deal have at least any of these two Cairn UK Holdings or LIC.

A: Yes, we have gone and last time what deal was and what is today, the sweetener whatever they were expecting we have done that.

Kritika: If there are any concerns or any conversation with Cairn would you be willing to further rework the deal or is this the final agreement?

A: Whatever they wanted, we have done it so this is all what we have done is done.