By Alex MacDonald
LONDON--U.K.-listed, India-focused miner Vedanta Resources PLC
(VED.LN) said Wednesday that its corporate restructuring has been
delayed until it receives approvals from two separate state courts
in India.
The FTSE-100 miner told investors last month that it remained on
track to complete its corporate re-structuring by the end of the
year but a key court hearing is now scheduled to take place in
January, meaning securing the final approvals for the corporate
restructuring process may be delayed by at least a month.
"The hearings at the High Court of Madras have been completed
and orders are awaited [while] the hearings at the High Court of
Bombay at Goa are in process and the next round of hearing is
scheduled to take place in January 2013."
The company said that the date to complete a key transaction
involved in the corporate restructuring would be announced once the
court approvals have been received.
Vedanta announced in February this year plans to merge metals
producer Sterlite Industries (India) Ltd. (500900.BY) and iron ore
producer Sesa Goa Ltd. (500295.BY) to create an Indian natural
resources champion with annual synergies of around $200
million.
At 1247 GMT, Vedanta's shares were up 0.2% at 1,110 pence a
share, resulting in a market capitalization of GBP2.95 billion.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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