Vedanta Limited (Cairn Oil & Gas business) reiterates that it is a separate entity with no connection to Cairn Energy PLC. Cairn Energy PLC, the Scottish oil and gas exploration company that is also commonly referred to as Cairn Energy, will discontinue the use of the brand name 'Cairn' as part of its corporate identity by December 2021. The brand 'Cairn' is exclusively owned by Vedanta Limited.
Discussing the change, Vedanta CEO Sunil Duggal said, "When Cairn Energy PLC exited its Indian operations in 2011 after selling its stake to Vedanta Group, it continued to use the brand name 'Cairn' though the brand 'Cairn' is owned by Vedanta Limited (erstwhile Cairn India Limited). At Vedanta, we have since then extensively invested in the company and expanded its footprint across the length and breadth of the country."
After being taken over by the Vedanta Group, the company, Cairn India Limited, disassociated itself from Cairn Energy PLC, the former having no association with Cairn Energy PLC and with both companies being separate legal entities with different promoters/shareholders. Cairn India Limited was later merged into Vedanta Limited in 2017.
Speaking on the development, Prachur Sah, Deputy CEO, Cairn Oil & Gas, said, "The disassociation of Cairn Oil & Gas from Scottish company Cairn Energy was always a matter of fact. This clarity will help us disengage from issues involving Cairn Energy."
As the two entities are separate, Cairn Oil and Gas, formerly known as Cairn India Limited, does not have anything to do with the Cairn Energy PLC's retrospective tax dispute case.
Shares of Vedanta Limited was last trading in BSE at Rs. 312.00 as compared to the previous close of Rs. 310.70. The total number of shares traded during the day was 159227 in over 4083 trades.
The stock hit an intraday high of Rs. 314.00 and intraday low of 310.00. The net turnover during the day was Rs. 49716526.00.