Sesa Sterlite News

Mining mogul Anil Agarwal on Monday said the merger of his group's cash-rich oil firm Cairn India with its parent, Vedanta Ltd is likely to be completed by year end to create India's largest diversified natural resources company.

Sesa Goa, a subsidiary of Vedanta Monday announced resumption of its mining operations in the state, after a gap of three years.

As Vedanta Ltd, formerly known as Sesa Sterlite, gets down to resuming mining operations in Goa after three years, the company's iron ore business CEO Kishore Kumar said the mining cake has shrunk.

Vedanta Ltd, formerly Sesa Sterlite, has acquired 4.98 percent stake in Cairn India for USD 315 million from a wholly-owned subsidiary Twinstar Mauritius Holdings (TSMHL).

Vedanta India will acquire up to 5.33 per cent stake, worth over Rs 2,200 crore, in its group concern Cairn India next week.

Metals and mining conglomerate Sesa Sterlite today said it has changed its name to Vedanta Ltd to better align with its international identity - Vedanta Resources.

Minerals major Sesa Sterlite Friday reported a decline in production of oil and gas, zinc and iron ore for the financial year 2014-15.

The Odisha government has decided to scrap joint venture agreements with global major Rio Tinto, Vedanta Group firm Sesa Sterlite and Aditya Birla Group-owned Hindalco Industries, an official said Wednesday.

The 50-share Nifty rose as much as 0.93 percent to 8,629.85, surpassing its previous record high of 8,626.95 hit on Dec 4, 2014.

The 50-share NSE Nifty after falling to the day's low of 8,147.95 staged a strong comeback to regain the 8,200-mark to close at 8,200.70, up 26.60 points from its previous close.

The company would spend about $630 million to develop an open-pit zinc mine and associated infrastructure at Gamsberg, South Africa.

India needs to swiftly remove a tax on iron ore exports, the country`s top private miner of the commodity said, calling the duty an "economic barrier" in the face of falling global prices.

Sesa Sterlite on Friday said its Board has approved an enabling resolution for raising its borrowing limit by over 33 per cent to Rs 80,000 crore.

Vedanta Aluminium, a unit of NRI billionaire Anil Agarwal-led Sesa Sterlite, may invest Rs 10,000 crore to raise the capacity of its alumina refinery at Lanjigarh in Odisha to six million tonnes per annum (mtpa).

Vedanta Aluminium has been struggling to source sufficient bauxite to feed the 1 million tpy alumina refinery since its commissioning in August 2007.

Analysts were of the view that the if Cairn did not have a better usage of its cash, it should have rewarded its shareholders buy way of bonus etc.

The merger of Goa Energy and Sterlite Infra with Sesa Sterlite has been cleared by the two leading stock exchanges - BSE and NSE.

Sesa Sterlite Ltd, India`s largest private iron ore miner, expects to resume production in the country`s Goa state in September, a senior official of the company said on Thursday.

Metal and mining conglomerate Sesa Sterlite hopes to start mining in Goa in the second half of the current fiscal.

International rating agency Fitch today downgraded Anil Agrawal promoted Vedanta's credit rating to 'BB' from BB+ with a stable outlook and then withdrew its ratings.