Billionaire Anil Agarwal’s move to merge his two Indian units will create a national natural resources group to compete with BHP Billiton Ltd. and Vale SA.
Agarwal’s Vedanta Ltd. is planning to absorb Cairn India Ltd., combining India’s biggest producer of aluminum and copper with its largest onshore oil producer. The merger will create an entity with a market capitalization of about $11 billion, based on the last traded price of Vedanta Ltd.
