Public sector player United India Insurance Company Ltd (UIICL), one of the shareholders in Cairn India, today said it has not taken any stand on the merger issue of Vedanta and Cairn India Ltd.
"...The decision (on merger Cain India Ltd with Vedanta) would be taken by the company, at an appropriate time," UIICL said in a statement.
The statement comes amid reports suggesting that United India has decided to oppose the merger.
It said that with regards to the merger issue of Vedanta and Cairn India Ltd, the company wishes to state that the same was not on the agenda items of the Annual General Meeting held on July 21, therefore, it would be pre-mature to comment on the matter at this stage.
India's largest private miner Vedanta in June decided to absorb oil firm Cairn India in a USD 2.3 billion all-share deal to create India's largest diversified natural resources company.
