Vedanta's Indian Units' Board To Meet Saturday On Restructuring Proposals
February 24 2012 - 8:25AM
Dow Jones News
Sterlite Industries (India) Ltd. (500900.BY) and Sesa Goa Ltd.
(500295.BY) said Friday their boards will meet Saturday to consider
proposals for a restructuring, which analysts say will likely help
their parent Vedanta Resources PLC (VED.LN) to service its debt
better.
The announcements come after London-listed Vedanta Resources
said Tuesday it is considering a restructure "to simplify and
consolidate its corporate structure." The India-focused miner had
not elaborated on the plans.
On Tuesday, Indian news station CNBC TV18 reported, citing
sources it didn't name, that Vedanta is seeking to merge metals
producer Sterlite and iron-ore miner Sesa Goa, so that Sterlite
becomes the holding company for all of Vedanta's Indian operations,
including its majority stake in oil and gas explorer Cairn India
Ltd. (532792.BY).
Vedanta owns 54.6% of Sterlite and 55.1% of Sesa Goa, according
to its website. Sterlite owned a 64.9% stake in Hindustan Zinc Ltd.
(500188.BY) as of December end, data from Indian stock exchanges
showed.
The news station also said Vedanta is in talks to buy the Indian
government out of Bharat Aluminium Co., in which the London-listed
firm owns a 51% stake via Sterlite Industries.
An announcement on the likely restructuring is expected over the
weekend, the news station said.
-By Kenan Machado, Dow Jones Newswires; +91 22 6145 6107;
kenan.machado@dowjones.com
--Alex MacDonald and Ian Walker in London contributed to this
story
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