Friday, Nov 5 2021 | Time 21:20 Hrs(IST)
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Business EconomyPosted at: Nov 5 2021 8:05PM


Cairn Energy PLC to be rechristened as Capricorn Energy from December

New Delhi, Nov 5 (UNI) British oil and gas major Cairn Energy PLC will change its name to Capricorn Energy PLC effective 13 December 2021 in line with its pact with Anil Agarwal's Vedanta group which had bought its India unit in 2011.
As per the deal, the brand ‘Cairn’ is exclusively owned by Vedanta.
"Given the recent legislative change in India and our participation in the related tax refund process, we are now putting in place the planned name change," said Cairn Energy PLC in a filing with London Stock Exchange.
The company noted that majority of Cairn's subsidiaries have been known as Capricorn for some time.
"It is an established and respected name across our global operations, maintaining stakeholder confidence in our long-standing reputation for responsibility, relationships and respect," it said.

In a separate statement, Vedanta reiterated that it is a separate entity with no connection to Cairn Energy PLC.
"Cairn Energy PLC, the Scottish oil and gas exploration company that is also commonly referred to as Cairn Energy, will discontinue the use of the brand name ‘Cairn’ as part of its corporate identity by December 2021. The brand ‘Cairn’ is exclusively owned by Vedanta Limited," it said.
Vedanta CEO Sunil Duggal said that when Cairn Energy PLC exited its Indian operations in 2011 after selling its stake to Vedanta Group it continued to use the brand name ‘Cairn’ though the brand ‘Cairn’ is owned by Vedanta (erstwhile Cairn India Ltd).
"At Vedanta, we have since then extensively invested in the company and expanded its footprint across the length and breadth of the country,” he stated.
After being taken over by the Vedanta Group, the company, Cairn India Ltd, disassociated itself from Cairn Energy PLC, the former having no association with Cairn Energy PLC and with both companies being separate legal entities with different promoters/shareholders.
Cairn India Ltd was later merged into Vedanta in 2017.
“The disassociation of Cairn Oil & Gas from Scottish company Cairn Energy was always a matter of fact. This clarity will help us disengage from issues involving Cairn Energy,” said Prachur Sah, Deputy CEO, Cairn Oil & Gas (now a division of Vedanta).
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Tags: #Cairn Energy PLC to be rechristened as Capricorn Energy from December
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