Vedanta Resources to ink deals for 41 oil and gas blocks on October 1

Ending the confusion over signing deals under the Open Acreage Licensing (OALP-I), London Stock Exchange-listed Anil Agarwal-led Vedanta Resources has received shareholder and board approvals for signing contracts for 41 oil and gas blocks on October 1.

The company had to approach the shareholders because the deal with the government was considered a “related-party transaction” under British law. This comes when Agarwal is trying to delist Vedanta Resources from the LSE. Volcan Investments, a family-controlled entity of Agarwal, is buying stake worth around $1.03 billion, valuing Vedanta at $3.07 billion. 

Volcan owns 67 per cent in the company and has offered $10.89