Anil Agarwal run Indian company listed in London, Vedanta Resources said that it is going to buy majority stake in Cairn India.

Cairn, which is into the business of energy exploration and is being, paid $9.6 billion in cash for the stake sale.

In a statement given to the media, Anil said that the acquisition is being done since it will enhance the resources of Vedanta manifolds. After that, Vedanta will have highest resources base in India.

At present, Cairn India is the fourth largest oil company in India. Most of its asset base is in Rajasthan and is considered to be top-class in terms of scales of cost and other delivery models.

Anil also said that Cairn has a good management team and Vedanta is expecting to have world class assets with the past experience of acquisitions.

Vedanta is going to acquire 51-60 per cent and will be paying close to $8.5 and $9.6 billion.

Cairn Energy holds 64 per cent stake in Cairn India and the money thus generated will be used in returning cash to the shareholders.