Vedanta to merge Sterlite with Sesa Goa

New Delhi: Anil Agarwal-led Vedanta Group will merge Sterlite Industries (India) and Sesa Goa in the proposed consolidation and simplification of the group structure.

Merger of Sterlite into Sesa Goa will create Sesa Sterlite. Three Sesa Goa shares will be issued for every five existing Sterlite shares, the company said in a statement.

Besides, Vedanta Aluminium Ltd and The Madras Aluminium Company Ltd will be consolidated into Sesa Sterlite. Also, Vedanta`s direct holding of 38.8 per cent in Cairn India Limited will be transfered to Sesa Goa, together with the associated debt of USD 5.9 billion, at cost, it said.

Post the transfer, Sesa Sterlite will have a 58.9 per cent shareholding in Cairn India.