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Group Consolidation and Simplification Update

20 Aug 2013 07:00

RNS Number : 0636M
Vedanta Resources PLC
20 August 2013
 



20 August 2013

 

Vedanta Group Consolidation and Simplification Update

 

The following release was issued by Vedanta Resources Plc's subsidiary, Sesa Goa Limited.

 

 

Group Consolidation and Simplification

 

Goa, 19 August 2013: Sesa Goa Limited ('Sesa Goa') today announced that the merger of Sterlite Energy Limited ('SEL') with Sesa Goa and the demerger of the Aluminium Business Undertaking of Vedanta Aluminium Limited ('VAL') into Sesa Goa pursuant to the Scheme of Amalgamation and Arrangement have become effective.

 

Company's wholly owned subsidiary, Bloom Fountain Limited, would acquire 38.68% stake in Cairn India Limited together with the associated debt, effective 26th August 2013.

 

Further, the Company has also approved the acquisition of 1,215 MW thermal power plants situated at Jharsuguda and 90 MW co-generation facility at Lanjigarh, from its wholly owned subsidiary, VAL, on a going concern basis.

 

The above transactions would complete the Vedanta Group's consolidation and simplification as announced on 25th February, 2012.

 

 

For further information, please contact:

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

ir@vedanta.co.in

Tel: +91 22 6646 1531

 

Media

Gordon Simpson

Finsbury

Tel: +44 20 7251 3801

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified global natural resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit www.vedantaresources.com.

 

Disclaimer

This press release 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," "should" 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 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.

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