Vedanta Resources (VED.L) has bought a 10.4 percent stake in Cairn India, pushing ahead with plans to take control of the Indian oil and gas company despite regulatory delays plaguing the $9.6 billion deal. Vedanta's move to acquire Cairn India (CAIL.NS) is part of London-based mining magnate Anil Agarwal's plans to grab a slice of India's oil reserves and get exposure to surging demand. But its agreement to buy a 40 percent to 51 percent stake from Cairn Energy (CNE.L) has yet to be cleared by the Indian government. London-listed Vedanta said on Tuesday it expected to own between 51 and 70.4 percent once the deal and an ongoing open offer to Cairn India minority shareholders were complete. Vedanta said on Tuesday that it bought the stake -- 200 million shares -- from Malaysia's national oil corporation Petronas for 331 rupees ($7.40) a share, below the price being offered to minority shareholders in the open offer by Vedanta unit Sesa Goa (SESA.NS) and reflecting a 1.6 percent discount to Cairn India's closing price on Monday.
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