MUMBAI, India, June 4, 2018 /PRNewswire/ --
Pursuant to the order dated May 30,
2018 of National Company Law Appellate Tribunal, Vedanta
Limited is implementing the approved Resolution Plan for
Electrosteel Steels Limited ("ESL"). Accordingly, Vedanta
Star Limited ('VSL'), a wholly owned subsidiary of our
Company, has deposited the upfront amount of INR
5,320 crore in escrow account of ESL
and June 4, 2018 has been determined
to be the 'Effective Date' under the Resolution Plan.
The Company has acquired control over ESL and a new board of
directors has been put in place.
Investment from VSL in ESL shall be done through a combination
of equity of Rs 1,765 crore and
inter-corporate loan of Rs 3,555
crore.
About Vedanta Limited
Vedanta Limited is a diversified natural resources company,
whose business primarily involves producing oil & gas, zinc -
lead - silver, aluminium, copper, iron ore and commercial power.
The company has a presence across India, South
Africa and Namibia. Vedanta
Ltd has a portfolio of world-class, low-cost, scalable assets that
consistently generate strong profitability and have robust cash
flows. The company holds industry-leading market shares across its
core divisions.
Vedanta Limited is the Indian subsidiary of Vedanta Resources
Plc, a London-listed company.
Governance and Sustainable Development are at the core of Vedanta's
strategy, with a strong focus on health, safety and environment and
on enhancing the lives of local communities. The company is
conferred with the Confederation of Indian Industry (CII)
'Sustainable Plus Platinum label', ranking among the top 10 most
sustainable companies in India. To
access the Vedanta Sustainable Development Report 2017, please
visit
http://sd.vedantaresources.com/SustainableDevelopment2016-17/
Vedanta Limited is listed on the Bombay Stock Exchange and the
National Stock Exchange in India.
The company is in the Nifty 50 Index and has ADRs listed on the New
York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor, 'C' wing,
Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400 093
CIN: L13209MH1965PLC291394
Disclaimer
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.
For further information, please contact:
Communications
Arun
Arora
Head Communications
Tel: +91-1244593000
gc@vedanta.co.in
Investor Relations
Rashmi Mohanty
Director – Investor Relations
Sneha Tulsyan
Associate Manager – Investor Relations
Tel: +91-22-6646-1531
vedantaltd.ir@vedanta.co.in
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SOURCE Vedanta Limited