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Vedanta Mulls Raising Cairn India Stake But Only After Reducing Debt

UK-listed, India-focused Vedanta Resources PLC (VED.LN) has a grand vision of raising its stake in majority-owned oil and gas company Cairn India Ltd (532792.BY) by an additional 10% but first it will focus on reducing net debt further, the company's senior executives said Thursday.Anil Agarwal, the company's executive chairman, told the Wall Street Journal in an exclusive interview the company would like to increase it stake in Cairn India by another 10 percentage points, or 69% from the current 59% stake.He declined to provide a timeframe but the company's Chief Financial Officer D.D. Jalan said the additional 10% Cairn India equity stake was part of a "broad vision" for the company and not a concrete plan, since the company is currently focused on reducing its gearing ratio of net debt to asset value to around 25% to 30% from 31% in the last fiscal year ending March 31."The priority is [to] reduce our existing gearing and then increase a stake in Cairn," Jalan told the Wall Street J...

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