Vedanta Resources on Saturday proposed to merge all its businesses in India and abroad, sans the African copper mine, into a single entity 'Sesa Sterlite', a move aimed at simplifying the group structure.
This move will place the consolidated firm among the world's top seven natural resources companies. The proposed merger, subject to approvals from regulators and shareholders, would be completed by the end of 2012 and ensure an annual Rs 1,000 crore synergy benefit for the consolidated entity, Vedanta Resources' Chairman Anil Agarwal said here.
The consolidation plan, which the management hopes to be earnings accretive for Sesa Goa, Sterlite and Vedanta, includes merger of Sterlite with Sesa Goa at a share swap ratio of 5:3. Besides, Vedanta Aluminium and Madras Aluminium Company will be consolidated into Sesa Sterlite.
Also, Vedanta's direct holding of 38.8 per cent in Cairn India will be transfered to Sesa Goa, together with the associated debt of USD 5.9 billion, at cost, a company statement said. Sesa Sterlite will have Cairn India, Hindustan Zinc, Skorpion and Lisheen, Bharat Aluminium, Talwandi Sabo Power, VAL Power and MALCO Power, Western Cluster and Australian Copper Mines as it subsidiaries. Vedanta Resources will have 58.3 per cent stake in the proposed merged entity.
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