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Market: LSE
Sector: General Mining - Copper
EPIC: VED
Latest Price: 1,281.00p  (-1.23% Descending)
52-week High: 2,600.00p
52-week Low: 896.00p
Market Cap: 3,803.39M
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Vedanta Resources
www.vedantaresources.com

Vedanta Resources is a metals and mining group with annual sales of $1.9bn.  The group's principal operations are located in India, with substantial operations also in Zambia and Australia.  The company primarily produces aluminium, copper,  zinc and lead.  

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Vedanta’s Sterlite to Spin-out Energy Division through Bombay IPO

30th Oct 2009, 8:21 am Vedanta’s Sterlite to Spin-out Energy Division through Bombay IPO

Vedanta’s (LSE: VED) India based subsidiary Sterlite Industries Ltd (BSE: STER) announced that its wholly owned subsidiary Sterlite Energy Limited has filed a Prospectus with the Stock Exchange Board of India and as such is proposing an initial public offering (IPO) of its equity shares to raise INR51,000m (Approx £659m). The equity Shares of Sterlite Energy are proposed to be listed on the Bombay Stock Exchange. J.P. Morgan and Morgan Stanley are among the Global Co-ordinators and Book Running Lead Managers to the IPO. 


Sterlite Energy is engaged in the commercial power generation business in India and is currently developing two thermal power projects in India in Jharsuguda, Orissa and Talwandi, Punjab, respectively, with a combined proposed installed capacity of 4,380 MW.


Sterlite Energy intends to use the net proceeds from the Offering to partially finance the construction and development of power projects in Jharsuguda and Talwandi and general corporate purposes.


Sterlite is one of India's largest non-ferrous metals and mining companies with interests and operations in aluminium, copper and zinc and lead. Sterlite has total assets of $8.7bn and Income of US$ 1,069 million for the full year ended 31 March 2009. The company operates its own copper operations in India. The company has entered the commercial energy generation business and is in the process of constructing two power plants with a combined proposed installed capacity of 4,380 MW through its wholly owned subsidiary, Sterlite Energy Limited.

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