Vedanta Resources PLC Cairn India announcement (9021Y)

TIDMVED

RNS Number : 9021Y

Vedanta Resources PLC

20 May 2016

Vedanta Resources plc

16 Berkeley Street

London W1J 8DZ

Tel: [phone]

Fax: [phone]

www.vedantaresources.com

20 May 2016

Vedanta Resources plc

Cairn India Limited announcement

Vedanta Resources plc's subsidiary Cairn India Limited today made the following announcement.

Cairn India Limited Announcement

Cairn India Ltd. announces that Mr. Mayank Ashar, Managing Director & CEO has decided to step down for personal reasons effective 5(th) June, 2016. Mr. Sudhir Mathur, CFO, will lead the organization as the acting CEO and will continue to work closely with the leadership team in managing the business under the guidance of the Board. Mr. Ashar will provide transition support to Mr. Mathur through 30(th) June, 2016.

The Board expresses its appreciation for Mayank's contribution during his association with the Company. Under Mayank's leadership, Cairn India has delivered a resilient performance in a challenging business environment.

Cairn India remains committed to maintain one of the lowest cost operations in the world, to pursue innovations and technology in its asset portfolio and create substantial value for its stakeholders.

Mr. Navin Agarwal, Chairman, Cairn India Ltd., said: "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 organization's goal."

For further information, please contact:

 
 Communications                       Finsbury 
 Roma Balwani                         Daniela Fleischmann 
  President - Group Communications,    Tel: [phone] 
  Sustainability 
  and CSR 
  Tel: [phone] 
  [e-mail] 
 Investors 
 Ashwin Bajaj                         Tel: [phone] 
  Director - Investor Relations        Tel: [phone] 
                                       [e-mail] 
  Radhika Arora 
  Associate General Manager 
  - Investor Relations 
 
  Ravindra Bhandari 
  Manager - Investor Relations 
 

About Vedanta Resources

Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and/or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

This information is provided by RNS

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May 20, 2016 08:42 ET (12:42 GMT)