MUMBAI, May 2, 2014 /PRNewswire/ --
The following release was issued today by Sesa Sterlite Limited's subsidiary Cairn India Limited.
Cairn India Limited Announcement
Cairn India Ltd. announces that Mr. P Elango, Interim CEO & Whole time Director has decided to step down for personal reasons. The Board has accepted his resignation. Mr. Sudhir Mathur, CFO, has taken over the additional responsibility of leading the organization in the interim. Tom Albanese, CEO Vedanta Resources plc and Mike Yeager, Chairman, Operations Review Board, Cairn India, will continue to work closely with the leadership team in managing the business under the guidance of the Board.
The Board expresses its appreciation for Mr. Elango's significant contribution during his nearly 18 years' association with the company. Under Elango's leadership, Cairn delivered 200,000 boepd from the Rajasthan block and achieved record levels of financial revenue & profitability.
Cairn India remains focused on realizing the full potential from the Rajasthan block. Our immediate and medium-term priorities therefore are efficient execution of the key projects in hand.
Mr. Navin Agarwal, Chairman, Cairn India Ltd., said: "Elango has had a successful stint at Cairn. He leaves Cairn India in the hands of a strong technical and business organization. Cairn India has a terrific future and I am confident that Sudhir Mathur and the team will steer the organization to realize its true potential."
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") 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. Sesa Sterlite 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 Sesa Sterlite's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a London-listed company. Sesa Sterlite is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
Sesa Sterlite Limited
(Formerly known as Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
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 behaviour 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.
Nidhi Aggarwal, Head - Investor Relations
+91-124-459-3490. Mobile +91-98101-97755
For further information, please contact:
Executive Vice President - Group Communications & CSR
Senior Vice President - Investor Relations
Assoc. General Manager - Investor Relations
Manager - Investor Relations
SOURCE Sesa Sterlite Limited