LONDON (Alliance News) - Vedanta Resources PLC Friday said the Managing Director and Chief Executive of Cairn India, Mayank Ashar, will leave the company next month after deciding to step down for personal reasons.
Vedanta Resources currently holds a majority 59.8% stake of Cairn India and is currently in the process of merging the subsidiary with its other major subsidiary, Vedanta Resources Ltd.
Ashar will formally leave the business on June 5 but will handover to the current Chief Financial Officer of Cairn India, Sudhir Mathur, until the end of June as Mathur takes up the role as acting chief executive.
Vedanta did not confirm whether a search was underway for a replacement, but as Mathur has been appointed as acting CEO it is likely Cairn India has begun scouring for a new chief.
"Mayank has had a positive stint at Cairn. He leaves Cairn India in the hands of a strong leadership team. Cairn India shares the country's vision for energy security and I am sure that Sudhir and the team will continue to strongly pursue the organisation's goal," said Navin Agarwal, who founded the company back in 1976.
Cairn Energy PLC also holds a 10% stake in Cairn India but cannot currently access that investment as it continues to progress the arbitration process. Cairn Energy said the value of the investment in Cairn India and the accrued dividends that it has nt been able to access was worth around USD445.0 million.
Vedanta shares were trading up 0.9% to 381.10 pence per share on Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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