Sesa Goa Limited Announces Group Consolidation and Simplification
August 21 2013 - 1:18PM
Business Wire
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.
About Sesa
Sesa is India’s leading producer and exporter of iron ore in the
private sector with operations in the states of Goa and Karnataka
in India and a large integrated project site in Liberia, West
Africa. Founded in 1954, for about 6 decades, Sesa has been
involved in iron ore exploration, mining, beneficiation and
exports. Sesa is a part of Vedanta Resources plc, the London-listed
FTSE 100 diversified metals and mining major. Sesa also
manufactures pig iron and metallurgical coke, with a 0.56 mtpa
metallurgical coke plant and a 0.625 mtpa pig iron plant in Goa,
and associated two power plants of 30 MW each.
Disclaimer
This press release contains “forward-looking statements” – that
is, statements related to future, not past, events and may be
interpreted as ‘forward looking statements’ within the meaning of
applicable laws and regulations. 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. Actual results might
differ substantially or materially from those expressed or implied.
Important developments that could affect the company’s operations
include a downtrend in the steel, pig iron & met coke industry
– global or domestic or both, significant changes in political,
economic, business, competitive or regulatory environment in India
or key markets abroad and from numerous other matters of national,
regional & global scale including but not limited to natural
calamity, tax laws, litigations, Government policies &
regulations, fluctuations in interest and or exchange rates of
Indian Rupee, etc. Any forward-looking information in this press
release has been prepared on the basis of a number of assumptions,
which may prove to be incorrect. This press release should not be
relied upon as a recommendation or forecast by Sesa Goa Ltd. The
views expressed herein 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 or reliability of this information. We do not
undertake to update our forward-looking statements.
for Sesa Goa LimitedInvestor:Ashwin Bajaj, +91 22 6646
1531Senior Vice President – Investor
Relationssesa.ir@vedanta.co.inorMedia:Sanjeev Verma, +91 832 2460
600Associate Director - Corporate
Communicationssesa.corporatecommunications@vedanta.co.in
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