Cairn India Chief Executive Rahul Dhir to Step Down

NEW DELHI - Cairn India Ltd. Wednesday said Chief Executive Rahul Dhir has decided to step down to pursue other business opportunities.

The explorer named Director of Strategy and Business Services P. Elango its interim CEO.

A search for Mr. Dhir's successor is underway and an announcement is likely to be made soon, the company said.

Mr. Dhir had led Cairn India since its inception in 2006.

His departure comes after U.K.-based explorer Cairn Energy PLC (CNE.LN) sold its majority stake in the operator of India's largest onland oil block last year to the Vedanta group.

The Vedanta group currently holds 58.85% of the company, while Cairn Energy has a 18.28% stake.

Copyright (c) 2012 Dow Jones & Company, Inc.

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