June 25 Shareholders of India's Sesa Goa
and Sterlite Industries - both controlled by
London-listed miner Vedanta Resources - approved the
plan to merge the group's various Indian arms into a single
unit, the two companies said on Monday.
In February, Vedanta said it was simplifying its business
structure by merging its Indian subsidiaries into a single unit
to cut costs, and planned to issue American Depositary Shares in
the combined firm to be named Sesa Sterlite..
The shareholders approved merging Sesa Goa, Sterlite
Industries, The Madras Aluminium Co, Sterlite Energy and Vedanta
Aluminium with requisite majority on June 21, the companies said
in separate statements.
Shares in Sterlite Industries were up 0.25 percent at 99.85
rupees while that in Sesa Goa rose 0.11 percent to 187 rupees by
0601 GMT in a firm Mumbai market.