The intention is to move to 58% Vedanta ownership, while Cairn Energy reduces to 22%.
Sterlite, a subsidiary of the UK-based Vedanta mining group, runs a copper smelter in Tuticorin town.
Other fields operated by the Vedanta group company include the Mangala, Bhagyam and Saraswati fields.
Among the stocks he likes are BHP Billiton, Eurasian Natural Resources, Rio Tinto and Vedanta Resources.
Other miners like Eurasian Natural Resources, Vedanta Resources and Antofagasta, were trading around 4.0% higher in London.
Vedanta will make an open offer in four days and expects it to complete in three months.
Analysts said the deal demonstrates Vedanta's desire to become a major player in the oil and gas sector.
He moved 60 places up to 10th position thanks to the rising share prices of mining group Vedanta Resources.
Other popular stocks on loan were Tui Travel and mining companies like Vedanta and car parts suppliers like Valeo.
Last week, Vedanta said it would be willing to move to another site.
An Indian government panel advised against allowing Vedanta Resources to mine for bauxite in the eastern state of Orissa.
Sterlite, which is 54%-owned by Vedanta, has always insisted that the plant used a smelt process that was internationally accepted.
Vedanta suffered another setback last month when the Indian environment ministry rejected its plans to extract bauxite in the eastern state of Orissa.
We believe this is a good acquisition for Vedanta on the expectation that constraints to volume growth will be addressed.
Vedanta (which did not respond to queries for comments) and its founder Anil Agarwal have been lightning rods in India and abroad.
Survival International has helped lead a high-profile campaign against Vedanta's plans in India, where using land for industrial purposes is hugely controversial.
Meantime, both Vedanta and Cairn Energy agreed today to extend the deadline for completing the transaction from April 15 to May 20.
Vedanta, owned by Indian businessman Anil Agarwal, wants to extract bauxite from the Niyamgiri hill range which is revered by the Dongria Kondh tribe.
UK-based Vedanta, owned by Indian businessman Anil Agarwal, wants to extract bauxite from the Niyamgiri Hill range which is revered by the Dongria Kondh tribe.
And in February, the Church of England sold its shares in Vedanta, saying that to do otherwise would be inconsistent with its ethical investment policy.
And Vedanta Resources, a diversified mining company, saw the short position in its stock decline by 1.43% over the past month, as of June 2.
FORBES: Buying Patterns In Stocks Suggest Rebound Dead Ahead
Vedanta has been trying to mine a patch of the Niyamgiri Hills for several years and was waiting for the final step of an environmental clearance.
India's top court has said local villagers will have a say on whether to allow mining group Vedanta to extract bauxite in the state of Orissa.
Vedanta, which is based in London but has most of its operations in India, is entering the lucrative iron ore market with the acquisition of Sesa Goa.
Following the sale of the 10% stake, which is due to complete by 11 July, Vedanta will hold 28% of Cairn India, while Cairn Energy will have 52%.
Agarwal said Vedanta wanted more iron-ore acquisitions, possibly with Mitsui.
Last week, Cairn confirmed it was in talks with Vedanta to sell its Indian interests, which include one of the country's biggest oil and gas production developments in Rajasthan.
Judging by the latest data, it might be worth taking a closer look at Vedanta and London Stock Exchange, but for now hold off taking a flier on BA stock.
FORBES: Buying Patterns In Stocks Suggest Rebound Dead Ahead
The writer who truly lived for his art who made it, as Mr Salinger did, his religion, along with Vedanta and Zen and the Tao did not descend and did not integrate.
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