(Reuters) - Cairn India Ltd
The share purchase will include buying back Cairn Energy Plc's
Mining conglomerate Vedanta, controlled by billionaire Anil Agarwal, acquired a majority stake in Cairn India for almost $9 billion in 2011. Since then, Cairn India played a pivotal role in boosting revenue and production even as Vedanta's mining business in India faced regulatory hurdles and mining restrictions.
The plan may help Sesa Sterlite Ltd
Cairn India's board is expected to meet on November 26 to consider a buyback.
Vedanta and Cairn Energy could not immediately be reached for a comment outside regular business hours.
Earlier this month, Vedanta said Cairn India was on track to hit its 2014 production target, previously put at 225,000 barrels of oil equivalent per day.
(Reporting by Karen Rebelo in Bangalore; Editing by Diane Craft)