Competition watchdog CCI has approved the mega-merger of Sterlite Industries and Sesa Goa that was announced by its parent company Vedanta Resources on February 25 this year.
The Supreme Court on Monday agreed to expedite its hearing of Orissa Government's appeal against the Centre's decision to withdraw its environmental clearance to Vedanta group firm Sterlite for its bauxite mining project in Niyamgiri Hills.
Allaying concerns that Vedanta Resources is transferring huge debt to Sesa Sterlite, group Chairman Anil Agarwal today said the new entity with "amazing assets" will generate annual profit of $7-8 billion and be able to repay loans within three
Sesa Goa Ltd and Sterlite Industries (India) Ltd, controlled by billionaire Anil Agarwal, will combine to reduce the debt of parent Vedanta Resources Plc, which paid $8.67 billion to buy Cairn India Ltd in December.
The holding structure under the proposed deal will be simplified to a large extent; tax inefficiencies would be resolved, since Vedanta Aluminium losses now become tax deductible, resulting in deal synergies. Tax synergies make the deal EPS accretive.
Shares of Sesa Goa and Sterlite Industries tumbled by up to 9% today, couple of days after announcement of merger of the two companies by the parent Vedanta group.
Sterlite Industries (India) has rallied 6.2% at Rs 126, while Sesa Goa plunged 7.3% at Rs 210 after its promoter Anil Agarwal-led Vedanta Group announced the merger of Sterlite Industries (India) and Sesa Goa in the proposed consolidation and
The state Department of Energy has asked independent power producers (IPPs) such as Sterlite Energy and Arati Steel to start contributing to the Environment Management Fund, which will be utilized in protecting environment and curbing carbon emission.
Vedanta Resources, the holding company of Sesa Goa and Sterlite Industries, has decided to merge the two companies in a bid to cut debt and improve cash flows.
Sterlite Industries is trading lower by 7% at Rs 112, extending its previous days 6% fall, on reports of the merger of a group company, Sesa Goa, with itself.
As Anil Agarwal is getting ready with a grand group restructuring — beginning with the merger of Sesa Goa and Sterlite — the spotlight is once again on the latter.
Sterlite Industries has increased debt funding to Vedanta Aluminium Ltd (VAL) by Rs 674 crore, or by 8 per cent, in the third quarter on a sequential basis. With this, the total debt of Sterlite in VAL has reached close to Rs 10,000 crore.
Sterlite Industries’ stock, which had nearly halved over five months to Rs 85 in mid-December, has risen 24 per cent so far in 2012 on the back of a 9-12 per cent rise in metal prices.
Sterlite Industries is trading lower by 3% at Rs 105, extending its Monday’s 6% fall, after reporting a 17% drop in consolidated net profit for the third quarter because of higher depreciation and amortization costs in addition to huge
Vedanta Group firm Sterlite Industries (India) Ltd has posted a decrease of 17 per cent in net profit at Rs 913 crore for the quarter ended December 31, as against Rs 1,101 crore during the same period last year.
Sterlite Industries posted a net profit after tax at Rs 913.52 crore for the third quarter ended December, 2011, down 17% from Rs 1,101 crore in the corresponding quarter last year, according to a release filed with the Bombay Stock Exchange (BSE).
With the government agreeing to consider Sterlite’s fresh offer to buy the residual stake in Bharat Aluminium Company Ltd (Balco) at a mutually agreeable price, a resolution of the long stand-off between Vedanta Resources and the central government
