Vedanta merges India units into group company
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Last Updated: Sat, Feb 25, 2012 12:38 hrs
London-listed miner Vedanta Resources on Saturday said its was simplifying its business structure by merging its Indian subsidiaries into a single unit to cut costs and plans to issue American Depositary Shares in the combined firm.
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Vedanta said, it would issue three shares in iron ore miner Sesa Goa for every five shares held in non-ferrous metals producer Sterlite Industries.
Post the share transfer, Sesa Goa would be renamed as Sesa Sterlite.
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Unlisted unit Vedanta Aluminium, Madras Aluminium Co MSAL.NS and Vedanta's holding in oil and gas producer Cairn India will also be transferred to the new company Sesa Sterlite, it said.
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