Vedanta Resources has acquired 58.5% stakes of Cairn India Ltd. for a total consideration of $8.67bn. The Acquisition completed on 8 December 2011. 38.5% held by Vedanta & 20% held by Sesa Goa.

1. Completion of Acquisition of a Controlling Stake in
Cairn India Ltd.
8 December 2011

2. Cautionary Statement and Disclaimer
The views expressed here may contain information derived from publicly available sources that have not been
independently verified.
No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this
information. Any forward looking information in this presentation including, without limitation, any tables, charts
and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").
Past performance of Vedanta cannot be relied upon as a guide to future performance.
This presentation 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,' 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 environmental, climatic, natural,
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 presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of
an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or any
of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall
this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection
with, any contract or investment decision.
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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3. Highlights
Acquired 58.5% of Cairn India Ltd. for a total consideration of $8.67bn
− Acquisition completed on 8 December 2011
− 38.5% stake held by Vedanta plc and 20% stake held by Sesa Goa
− Acquisition funded c. 50% from own resources and balance c. 50% from acquisition debt
Cairn India – largest private crude producer in India (>20% of India’s production)
− World class assets at Rajasthan (>6.5 bn boe in place, with substantial upside)
− Low cost operations at Rajasthan and potential to produce 240,000 bopd
− Recent exploration success in Sri Lanka
− Strong, experienced management team
− Enhances and diversifies Vedanta’s strong growth pipeline
“Two major investment decisions made by major companies BP and Vedanta ... have reestablished faith in the hydrocarbon potential in India”
−
Notes:
Mr Jaipal Reddy, Minister of Petroleum and Natural Gas on 5 Dec 2011 at World Petroleum Congress
All % shareholding in Cairn India is on a fully diluted basis
Transaction immediately earnings accretive
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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4. EBITDA Growth and Diversification
H1 FY2011
Power
2%
Iron Ore
32%
Proforma H1 FY2012
with Cairn India
H1 FY2012
Aluminium
11%
Power
3%
Oil & Gas¹
35%
Aluminium
5%
Iron Ore
18%
Power
2%
Aluminium
3%
Copper
15%
Copper
24%
Copper
21%
Zinc-Int.
12%
Zinc-India
34%
EBITDA: $1.3bn
Notes:
1.
Zinc-India
38%
EBITDA: $1.7bn
Zinc-India
25%
Iron Ore
12%
Zinc-Int.
8%
EBITDA: $2.6bn
EBITDA from Cairn India before exceptional items and foreign exchange gains
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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5. Cairn Acquisition Funding
Consideration
($bn)
20% stake acquired by Sesa Goa
2.88
38.5% stake acquired by Vedanta plc
5.79
Total Consideration
8.67
Funding
Sesa Goa – Own resources
2.88
Sr. Secured Bank Term Loan - Tranche A (18 months)
1.47
Sr. Secured Bank Term Loan - Tranche B (36 months)
1.31
Bonds (Maturing 2016 and 2021)
1.65
Own Cash
1.36
Bridge to Equity – never drawn, cancelled
-
Vedanta plc – Total
5.79
Total Funding
8.67
c. 50% Funding from own resources and balance c. 50% from acquisition debt
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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6. Credit Metrics
Proforma 30 Sep 2011 (including Cairn) in $ mn
Debt
Cash and Liquid
Investments
Vedanta plc
9,127
178
8,949
16,620
6,438
10,182
Vedanta Consolidated
Credit Metrics
Net Debt/EBITDA
EBITDA/Gross Interest Expense1
Net Assets/Debt
Gearing2
Notes:
Net Debt
FY2011
LTM H1
FY2012
Proforma
LTM H1 FY2012
(incl. Cairn)
0.55 x
1.82 x
1.64 x
< 2.75 x
5.0 x
4.3 x
5.29 x
> 4.0 x
2.61 x
2.05 x
2.43 x
> 1.75 x
13%
37%
36%
Covenant
1. Interest includes Capitalized Interest
2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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7. Cairn India – A World Class Asset Base
Production Blocks
10 blocks in the Portfolio
Exploration Potential
Rajasthan
(RJ-ONRajasthan (RJ-ON-90/1)
Cairn (Operator)
70%
ONGC
RJ-ON-90/1
WI 70%
30%
East Coast
KG-DWN-98/2
KG-ONN-2003/1
(CB/OSCambay (CB/OS-2)
Cairn (Operator)
40%
ONGC
50%
Tata Petrodyne
10%
WI 10%
WI 49%
PKGM-1 (Ravva)
KG-OSN2009/3*
PR-OSN-2004/1*
WI 22.5%
WI 100%
WI 35%
West Coast
CB/OS-2
(PKGMRavva (PKGM-1)
Cairn (Operator)
22.5%
ONGC
40%
Videocon
25%
Ravva Oil
12.5%
WI 40%
KK-DWN-2004/1
MB-DWN2009/1*
WI 40%
WI 100%
Sri Lanka
SL 2007-01-001
WI 100%
* Under Force Majure
Q2 FY 2011-12: Average Daily Gross operated production at 169,944 boe;
Cairn (Working Interest) at 99,220 boe
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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8. Financial Highlights
Price Realization (USD/boe)
Gross Production (Kbopd)
100
Q2 FY12
0
50
691
174
68
Q2 FY11
808
161
74
Q3 FY11
830
172
92
Q4 FY11
578
170
104
Q1 FY12
Revenue
577
165
100
150
200
0
200
400
600
800
USD Million
Cash Flow from Operations
PAT
Q2…
461
Q1 FY12
428
610
Q4 FY11
576
543
Q3 FY11
577
448
Q2 FY11
455
341
0
200
400
USD Million
337
600
800
0
200
400
USD Million
*PAT and CFFO are without adjusting one time exceptional item of past Rajasthan royalty costs
Net Cash as on 30 September 2011 was USD 1,458 million
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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800

9. Rajasthan Update
Mangala production ~125,000 bopd; reservoir
performance as per expectations
MPT
Produced and sold >60 mmbbls of crude to
Indian refiners; gross cumulative field
revenue in excess of USD 5 billion to date
Bhagyam ready to commence production,
subject to GoI approval
Pipeline
Expect to exit FY 2011-12 at 175,000bopd
with the support of JV and GoI
Development of Aishwariya underway; plan to
commence production in H2 CY 2012, subject
to JV and GoI approval
Total Pipe Diameter
790 mm (32”)
High Density
Polyethylene Wrap
Significant part of currently envisaged basin
potential of 240,000 bopd to be met from
MBA fields
Augmentation of processing capacity and
pipeline infrastructure to deliver currently
envisaged basin potential in CY 2013
Notes:
Heat Tube
Poly Urethane
Foam
Insulation
Data as per 20 Oct 2011 press release of Cairn India Ltd
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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10. Rajasthan Royalty
Payable at 20% of the post well-head value of the crude oil produced (on an ex-royalty basis);
translates to ~15% of the sale value
Post the acceptance of pre conditions royalty becomes part of the contract cost for the cost
recovery purpose and the calculation of profit petroleum
The cost recoverability is effective on a retrospective basis since the production startup
Cairn India has taken the impact of total past royalty in its Q2 FY 2011-12 financial results
PAT
(USD million)
EPS
(INR/share)
Including net Q2 FY 2011-12 Rajasthan royalty
estimate adjustment
461
11.13
Net Rajasthan royalty one-time estimate up to Q1
FY2011-12 (net of Profit Petroleum)
294
Reported
167
Q2 FY 2011-12
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
4.01
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11. Rajasthan - Future Resource And Value Potential
~6.5 Billion boe
Gross
Initial
In Place
Volumes
~2.5 Billion boe in
35+ prospects
~4 Billion boe
20 additional
discovered
fields including
Barmer Hill
Most
Likely
Prospectiv
e
250
Gross Reserves,
Resources1 and
Potential2
140
Risked
Prospective
Resource
In Place
Gas
GIIP
Oil
STOIIP
308
1 The independent estimates of
Contingent
In Place
707
MBA
EOR
R & S 12
2.1 Billion boe
R & S STOIIP
293
MBA Fields,
Raageshwari
and
Saraswati
FDP
approved
468
B
151
MBA
STOIIP
B
A
R&S
Contingent
Resource
mmbbls
Notes:
risked resource 178 mmbbls
M
477
1,293
M
Reserves and Contingent
Resources recently carried out by
D&M are
in line with the CIL estimates
2 Top 35 prospects audited by D&M
A 66
78
BH
+ Others
2P+2C
MBA EOR
Barmer Hill
+Other Fields
Risked
Prospects,
Leads &
Concepts
mmbbls
Data as per 23 Mar 2010 press release of Cairn India Ltd
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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12. Exploration Programme
Play based approach to building portfolio
Diversity of basin, plays and environments
Ongoing regional petroleum system studies
“Drill Bit exploration”: >190 exploratory
/appraisal wells
Major long term player
Large proprietary database
Experienced team
Successful exploration over
10 years: Success ratio
~50%
RJ-ON-90/1
KG-ONN-2003/1
Assessing new plays,
generate new prospects
MB-DWN-2009/1
Nagayalanka-1Z discovery;
Phase II Exploration &
Appraisal well drilling in
progress
I N D I A
Under Force Majeure
RAVVA
Infill drilling
completed
KK-DWN-2004/1
Acquired 300 km2 3D;
data processing in
progress
KG-DWN-98/2
3 appraisal wells
drilled
OPERATED
NON-OPERATED
SL-2007-01-001
3 exploration well program:
1st & 2nd wells encountered
hydrocarbons,
rd well drilling in progress
3
KG-OSN-2009/3
Under Force
Majeure
PR-OSN-2004/1
SRI LANKA
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
Under Force Majeure
12

13. Exploration - Sri Lanka Block (SL 2007-01-001)
Cairn Lanka 100% Working Interest (NOC
back-in 15%)
− Cairn India’s first overseas venture
India
− Block Area: ~3,000 km2
− Water depth: 400 -1,900m
Under explored, frontier basin with multiple
plays
Exploration Program
SL-2007-01-001
SL-2007-01-
− 3 well drilling campaign commenced in
August 2011
− Successive discoveries in the two
exploration wells drilled
− Establishment of working hydrocarbon
system in the basin
SRI LANKA
− 3rd exploration well drilling in progress
50km
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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14. Summary
Immediately earnings accretive
World class asset and management team
Common operating philosophy – focus on delivery and costs
Maintain strong credit metrics – funded through c.50% own resources and c.50% debt
Unique opportunity to create value - enhances and diversifies Vedanta’s strong growth profile
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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15. Appendix

16. The Transaction
Description
Date
Sesa Goa
Vedanta plc
Total
Purchase from Petronas
19-Apr
10.4%
-
10.4%
Open Offer
30-Apr
8.1%
-
8.1%
Purchase from Cairn Energy
12-Jul
-
10.0%
10.0%
Purchase from Cairn Energy
7-Dec
1.5%
28.5%
30.0%
20.0%
38.5%
58.5%
Total
Accounting Treatment
Associate Accounting for Vedanta: 11-Jul to 7-Dec
Accounting from 8-Dec:
− Consolidation by Vedanta
− Associate Accounting by Sesa Goa
Notes:
All % shareholding in Cairn India is on a fully diluted basis
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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17. Debt Maturity Profile
$5.9bn of cash and liquid investments as of 30 Sep
Debt Maturity Profile2
(in $bn)
Debt at Vedanta Plc
FY2012 maturities largely tied up
Debt at Subsidiaries
Proforma Addn Debt at VED plc for Cairn Acquisition
Credit ratings of BB/Ba2/BB1
5.9
1.3
2.4
2.8
2.3
2.6
4.6
1.5
1.5
1.3
2.4
0.4
1.0
FY 2012
Notes:
0.5
FY 2013
FY 2014
0.9
0.1
FY 2015
0.1
0.2
0.3
FY 2016
FY 2017
and later³
1. Issue credit Ratings as per S&P, Moody’s and Fitch respectively
2. Maturity Profile as of September 30, 2011
3. Convertibles at Vedanta plc of $1,250 million due in FY2017 (with a put option in FY2015) is included at book value of $988mn
Convertibles of $883 million due in FY2017 (with a put option in FY2013) is included at book value of $666mn
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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18. Vedanta Group Structure
Vedanta Resources
(Listed on LSE)
79.4%
Konkola
Copper
Mines (KCM)
51.0%
Bharat
Aluminium
(BALCO)
70.5%
Vedanta
Aluminium
(VAL)
54.6%
29.5%
94.8%
3.6%
Sterlite Industries
(Listed on BSE,
NSE and NYSE)
64.9%
100%
Zinc-India(HZL)
(Listed on BSE
and NSE)
74%
Skorpion and
Lisheen
Black
Mountain
55.1%
Madras
Aluminium
(MALCO)
Sesa Goa
(Listed on BSE
and NSE)
100%
100%
Sterlite Energy
Australian
Copper Mines
38.5%1
20%1
Cairn India Ltd
(Listed on BSE
and NSE)
51%
Liberia
Iron Ore Assets
Zinc-International
KEY
Aluminium
Copper
Iron ore
Power
Zinc-India
Notes: 1 On a fully diluted basis
Structure as at 30 September 2011 updated for Completion of Acquisition of a Controlling Stake in Cairn India Ltd.
ACQUISITION OF A CONTROLLING STAKE IN CAIRN INDIA LTD. (8 DEC 2011)
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