Vedanta Resources Plc (VED) extended the contract of Chief Executive Officer Mahendra Singh Mehta until March as it searches for a successor to run the oil and metal producer controlled by Indian billionaire Anil Agarwal.
“Mehta has agreed to extend his employment contract until 31 March, 2014,” Vedanta said in a statement. “The search is progressing well and the Nominations Committee expects to make an announcement on the above matter in the coming months.”
Mehta’s contract as CEO was due to expire today, the company said. Mehta was appointed as CEO in 2008.
Vedanta, a producer of copper in Zambia and iron ore in India, was mainly a mine operator before it completed the purchase of a controlling stake in oil and gas explorer Cairn India Ltd. in 2011 for $8.67 billion, giving it access to India’s biggest onshore oilfield.
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