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Bombay High Court approves Sterlite Industries merger

The Bombay High Court has approved the merger of mining firm Sterlite Industries with Madras Aluminium Company, Sterlite Energy Ltd, Vedanta Aluminium and Sesa Goa.

BT Online Bureau   New Delhi     Last Updated: April 3, 2013  | 16:32 IST

The Bombay High Court has approved the merger of mining firm Sterlite Industries (India) Ltd with Madras Aluminium Company, Sterlite Energy Ltd, Vedanta Aluminium and Sesa Goa.

However, the merger is subject to approval of Madras High Court.

"The Honourable High Court of Bombay... approved the scheme of amalgamation and arrangement amongst Sterlite Industries (India) Ltd, Madras Aluminium Company Ltd, Sterlite Energy Ltd, Vedanta Aluminium Ltd and Sesa Goa Ltd and their respective shareholders and creditors to create Sesa Sterlite," the company said in a filing to the Bombay Stock Exchange.

Sterlite Industries (India) is a leading metal and mining firm which produces aluminium, copper, zinc, lead, silver and commercial energy.

Besides India, the company has operations in countries like Australia, Namibia, South Africa and Ireland.

"The scheme is also subject to approval of the Honourable High Court of Madras wherein the hearings have been completed and the order is awaited," the statement added.

Shares of Sterlite Industries on Wednesday closed the day's trade at Rs 90.50, down 2.79 per cent on the Bombay Stock Exchange.

with inputs from PTI

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