India tycoon’s sale of US$1bil oil unit stake stalls

The crash in energy prices and the Covid-19 pandemic have made it difficult for potential investors to gauge Cairn’s business outlook, said the people, who asked not to be identified as the information is private

MUMBAI: Vedanta Ltd’s plans to sell a minority stake in its Indian oil unit have stalled after a collapse in crude prices, according to people familiar with the matter.

The Mumbai-listed company, backed by tycoon Anil Agarwal, was seeking to raise more than US$1bil by selling at least 20% of its Cairn Oil & Gas business, the people said.