 "Shareholders approve Sesa Goa, Sterlite merger")
Sterlite Industries has informed the Bombay Stock Exchange that its shareholders have approved merger of The Madras Aluminium Company Ltd, Vedanta Aluminium and Sesa Goa with itself to create Sesa Sterlite.
The merger is subject to the approval of the Madras High Court.
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The merger proposal has been in the news after Templeton Asset Management Ltd, the second largest shareholder in Sesa Goa, opposed the move on the concerns about the huge debt burden of Vedanta Aluminium.
Vedanta Resources, the India-focused parent company listed in London, had proposed a merger of these units in order to simplify the business structure. The plan is to issue American Depository Shares in the merged entity.
An Economic Times report today said the merged company Sesa-Sterlite will be one of the largest diversified resources company globally. It will have iron ore mining, copper, aluminium, zinc, lead, silver and oil & gas under its fold.
Shares of Sterlite Industries and Sesa Goa were up 1 percent on the BSE.
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