For Quick Alerts
For Daily Alerts

Sesa Goa and Sterlite merger announced

Sesa Goa and Sterlite merger announced
Sterlite Industries (India) and its subsidiaries will merge with Sesa Goa and its subsidiaries and Vedanta Resources and its subsidiaries, the Vedanta group announced on Saturday.

The transaction highlights involve merger of Sterlite into Sesa Goa with a proposed new name Sesa Sterlite. Three shares of Sesa Goa shares will be issued for every five existing shares of Sterlite

Vedanta Aluminium and The Madras Aluminium Company will be 100% consolidated into Sesa Sterlite. A transfer will take place of Vedanta’s direct holding of 38.8% in Cairn India to Sesa Goa, together with the associated debt of $5.9 billion, at cost. Post the transfer, Sesa Sterlite will have a 58.9% shareholding in Cairn India.

Anil Agarwal, Chairman of Vedanta, said, “Sesa Sterlite will be one of the largest global diversified natural resources majors, supporting country’s industrial growth. This transaction is a natural evolution, leading to simplification of the Group’s structure. Sesa Sterlite will be the principal operating company in the group and with its high quality assets, growth projects and strong management, it is well placed to create value for all shareholders.”

Read more about: sesa goa sterlite cairn
Story first published: Saturday, February 25, 2012, 14:04 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more