Financing Agreements for Acquisition of Cairn India Limited

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Financing Agreements for Acquisition of Cairn India Limited 19 November 2010

Vedanta Resources plc ("Vedanta") today announces that it has entered into financing agreements for US$6 billion with a consortium of leading banks to fund the Vedanta Group's proposed acquisition of 51-60% of Cairn India Limited for an aggregate consideration of approximately US$8.5 billion to US$9.6 billion (the "Transaction"). Vedanta Resources plc proposes to acquire 31%-40% and Vedanta's subsidiary Sesa Goa Ltd will acquire a 20% stake in Cairn India Ltd.


The bank consortium comprises Barclays Capital, Citi, Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley, Royal Bank of Scotland and Standard Chartered. The financing arrangements comprise four tranches with maturities of between 18 months and three years. General syndication of part of the financing will commence shortly.

Allen & Overy LLP and Linklaters LLP acted as International Legal Counsel for the transaction while AZB & Partners and Talwar Thakore & Associates acted as Indian Legal Advisors.

Mr Anil Agarwal, Chairman of Vedanta Resources plc said "The financing announced today provides the group with funding flexibility. We are delighted to announce US$6 billion of commitments from leading international banks, a testament to the strength of the Vedanta story. "

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