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Thursday, December 10, 2009

Cairn India plans to merge oil, gas biz of group firms

Cairn India, part of the UK-based Cairn Energy, today said it will merge oil and gas businesses of some of its subsidiaries with itself, a move that will improve administrative efficiencies.

The company's board, at its meeting held on December 9, has approved a scheme of arrangement between Cairn India and some of its wholly-owned subsidiaries, oil and gas exploration major said in a statement to the Bombay Stock Exchange.

Under the scheme, the company's four subsidiaries -- Cairn Energy India, Cairn Energy India West BV, Cairn Energy Cambay BV and Cairn Energy Gujarat BV -- would merge their Indian oil and gas businesses with Cairn India, it said.

"This will facilitate streamlining and consolidation of the multi-layered structure between Cairn India and some of its subsidiaries," Cairn India said, adding that "once effective, this (scheme) will significantly improve administrative efficiencies".

Cairn India Group's interests in various oil and gas businesses in India are held through various foreign subsidiaries.

The company said no shares are proposed to be issued under the scheme, as these subsidiaries are wholly-owned entities and is subject to necessary regulatory approvals.

Shares of Cairn India were trading lower 1.18 per cent at Rs 271.40 on BSE in the afternoon trade.

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