Cairn India Ltd(Merged) Company Summary

Cairn India Ltd is one of the biggest private sector exploration and production companies in India. The company is primarily engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products. The company also holds interests in their subsidiary companies which have been granted rights to explore and develop oil exploration blocks in the Indian sub-continent. The company is participant in various oil and gas blocks/fields (which are in the nature of jointly controlled assets), granted by the Government of India through Production Sharing Contracts (PSC) entered into between the Company and Government of India and other venture partners. The company has two processing plants11 platforms, 200 km of sub-sea pipelines and operations spreading across the Indian sub-continent. The company-owned three oil fields namely Ravva, Lakshmi and Gauri are producing more than 80,000 barrels of oil per day (boepd) for Cairn and their joint venture partners.Cairn India was incorporated on August 21, 2006 as a subsidiary of UK-based Cairn Energy PLC. The company was incorporated primarily to engage in the business of surveying, prospecting, drilling and exploring for, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products and other activities.During the year, the company acquired all the shares of Cairn India Holdings Ltd (CIHL) and consequently CIHL became a wholly owned subsidiary of the company. CIHL is also a holding company for 26 other companies. Consequently, all these companies became subsidiaries of the company.In January 9, 2007, the company was listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Initial Public Offering (IPO) of Cairn India was the then largest IPO in the Indian primary equity markets and with a market capitalisation in excess of USD 12 billion ranks as the fourth largest oil and gas company in India.During the year 2008-09, the CIG Mauritius Holding Pvt Ltd, CIG Mauritius Pvt Ltd, Cairn Lanka Pvt Ltd and Cairn Energy Developments Pte Ltd became subsidiaries of the company. In June 2010, Cairn India and ONGC, the 70:30 joint venture partners in the Rajasthan Block, RJ-ON-90/1, commenced sales through the worlds longest continuously heated and insulated crude oil pipeline. In the year 2011, Cairn Energy Developments Pte Ltd, subsidiary company in Singapore was voluntarily dissolved with effect from 8 March, 2011. In order to simplify and consolidate the multi layered structure comprising foreign subsidiaries, the company proposed a scheme of arrangement between Cairn India Ltd, Cairn Energy India Pty Ltd, Cairn Energy India West B.V., Cairn Energy Cambay B.V., Cairn Energy Gujarat B.V. The scheme is now subject to receipt of certain contractual and regulatory approvals. The scheme when approved is proposed to be effective from 1 January, 2010.During the year, Vedanta acquired 155,033,172 number of equity shares under the open offer. Vedanta also acquired 200,000,000 equity shares of the company from Petronas International Corporation Ltd. Subsequent to these acquisitions, Vedanta now holds 18.66% of the equity capital of the company.Cairn Energy PLC was approached by Vedanta Resources Plc with a proposal to purchase the majority of Cairn Energy PLCs equity in the company. The proposed transaction was agreed and announced by the two companies in August 2010, and approved by the shareholders of Cairn Energy PLC and Vedanta Resources Plc in fourth quarter financial year 2010. The transaction is currently awaiting approval from the Government of India.