Sesa Goa Ltd Announces Scheme of Amalgamation and Arrangement With Sterlite Energy Ltd And Vedanta Aluminium Ltd; Subsidiary Acquires 38.68% Stake In Cairn India Ltd
Sesa Goa Ltd announced that the merger of Sterlite Energy Limited (SEL) with Sesa Goa and the demerger of the Aluminium Business Undertaking of Vedanta Aluminium Limited (VAL) into Sesa Goa pursuant to the Scheme of Amalgamation and Arrangement have become effective. Sesa Goa Ltd's wholly owned subsidiary, Bloom Fountain Limited, would acquire 38.68% stake in Cairn India Limited together with the associated debt, effective August 26th, 2013. Further, Sesa Goa Ltd has also approved the acquisition of 1,215 MW thermal power plants situated at Jharsuguda and 90 MW co-generation facility at Lanjigarh, from its wholly owned subsidiary, VAL, on a going concern basis. The terms of the transaction were not disclosed.
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