Close on the heels of completing acquisition of Cairn India, London-based mining group Vedanta has appointed three nominees, including its vice chairman Navin Agarwal and Priya Agarwal, on the company board.
Billionaire Anil Agarwal, Chairman of Vedanta Group, has decided to stay away from Cairn India and has in stead put his brother Navin as the head of the company.
His close confidant Tarun Jain and daughter Priya Agarwal will be the other nominees on the company board, Cairn India informed the stock exchanges today.
"This is to inform you that post the sale of majority shareholding by Cairn UK Holdings Limited to the Vedanta Group, the Vedanta Group Companies, i.E. Twin Star Mauritius Holdings Limited, Sesa Goa Limited and Sesa Resources Limited are the new Promoters of the Company," Cairn India said in a regulatory filing to the stock exchanges.
"Consequent to this change, the board has today appointed Navin Agarwal, Tarun Jain and Priya Agarwal, as Additional Directors on the board of Cairn India Limited. Navin Agarwal has also been appointed as the Chairman of the board," it said.
Bill Gammell, Chairman of Cairn Energy plc, which sold 40% of its stake to Vedanta Group, has resigned as Chairman of Cairn India. Jann Brown, the other nominee Director of Cairn UK Holdings Limited, too has quit.
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Cairn Energy, which still holds 22% stake in Cairn India, will not have any representative on the company board.
"All the existing independent directors and Rahul Dhir, managing director & CEO will continue to be directors of the company," Cairn India said.
The four independent directors on Cairn India board -- Omkar Goswami, Ed Story, Aman Mehta and Naresh Chandra -- will continue on Cairn India board.