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.
After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of USD 132.7 million.
A casual mention of a lost Aadhaar card in public saw government machinery go on an overdrive and its holder got a duplicate card in less than an hour.
Wholesalers, retailers and manufacturers across Maharashtra called off their month-long agitation against the local body tax (LBT) imposed by civic agencies following talks with Chief Minister Prithviraj Chavan onThursday.
Prime Minister's Economic Advisory Council Chairman C Rangarajan said the exchange rate of the local currency will be determined by the capital flows.
Etihad's Rs 2,058-crore stake purchase in Jet Airways has hit a regulatory air pocket, as regulators are seeking more clarity.
Marking nine years of the UPA government, PM Manmohan Singh promised to build "an economically resurgent and socially just India".
Former Goldman Sachs Director Rajat Gupta's attorneys said wiretap evidence used by the prosecution should not have been introduced at trial stage.