Vedanta clinches Sesa Goa deal for $980 million

Vedanta Resources has clinched the deal to acquire a 51 per cent stake in the biggest private iron ore exporter Sesa Goa Ltd for $981 million (around Rs 4,070 crore) in cash.

Sesa Goa informed the Bombay Stock Exchange on Tuesday that Mitsui & Co Ltd has sold its 51 per cent stake in the company to Vedanta Resources Plc for $981 million. The after-tax proceeds from this transaction would be around Yen 50 billion (about $423 million), it added.

Sesa Goa said Mitsui's wholly owned subsidiary Earlyguard Ltd sold its stake in UK-based Finsider International Company, which held 51 per cent stake in the firm, to two Vedanta subsidiaries - Richter Holding Ltd and Westglobe Ltd.

Mitsui & Company signed an agreement with Vedanta and sold 100 per cent of its issued shares of Finsider International for $981 million in cash.

Anil Agarwal-led Vedanta is listed on the London Stock Exchange but has most of its operations in metals such as zinc and aluminium in India. (source - thehindubusinessline)