MUMBAI, India, June 3, 2015 /PRNewswire/ --
Vedanta Limited (formerly known as Sesa Sterlite Ltd./Sesa Goa Ltd.) has entered into an agreement with a wholly owned subsidiary, Twinstar Mauritius Holdings Limited ("TSMHL"), whereby TSMHL has transferred 4.98% of its stake in Cairn India Limited ("Cairn India") to Vedanta Limited for a cash consideration of US$315mn.
The funds received by TSMHL will be used to service existing debt obligations at TSMHL.
Vedanta Limited's ownership in Cairn India does not change as a result of this share transfer.
About Vedanta Limited
Vedanta Limited (formerly known as Sesa Sterlite Ltd./Sesa Goa Ltd) is one of the world's largest diversified natural resources companies. Our business primarily involves exploring, extracting and processing minerals and oil & gas. We produce oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Vedanta Ltd has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.
Sustainability is at the core of Vedanta Ltd's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.
Vedanta Ltd is a subsidiary of Vedanta Resources plc, a London-listed company. Vedanta Ltd is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behavior of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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SOURCE Vedanta Limited