Cairn gets the nod from shareholders

Marion Dakers
ENERGY explorer Cairn yesterday came a step closer to completing its $6.5bn (£4.1bn) Indian asset sale, after its shareholders gave their blessing to the disposal.

The FTSE 100-listed firm has been trying to sell Cairn India, which operates oil fields off the coast of Rajasthan, for more than a year but has encountered numerous roadblocks from regulators.

Having won the green light from the Indian government in the summer after agreeing a royalties deal, Cairn now has the nod from 97.29 per cent of its shareholders.

However, excluding shares owned by Cairn or Vedanta businesses, just 60.82 per cent of investors by value voted yes in the postal ballot.