Billionaire creates BHP-style Indian resources conglomerate

Mumbai

ANIL Agarwal has sealed the merger of his mining and energy businesses in India, creating a BHP Billiton Ltd-like resources conglomerate, even as a recent investment in Anglo American Plc raises questions about how far the billionaire's ambitions stretch.

Vedanta Ltd combined with unit Cairn India Ltd on Tuesday and fixed April 27 as the record date for determining the list of the latter's shareholders who will be allotted stock in the parent company, according to a joint statement. Vedanta will offer minority shareholders of oil producer Cairn India one equity share and four redeemable-preference shares with a face value of 10 rupees (21.7 Singapore cents) each as part of the deal agreement.