Vedanta Resources
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.
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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Other Vedanta Resources news
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16/03/10 Speculation increases about possible IPO of Vedanta's aluminum division
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01/02/10 Vedanta Resoures reportedly considering spinning off several assets into seperate vehicles
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27/01/10 Vedanta Resources production breaks company records in Q3 for zinc lead, aluminium and iron ore
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30/11/09 Vedanta Resources outlook stable, but Standard & Poor concerned about company's reliance on debt
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05/11/09 Vedanta continues to invest in additional copper and aluminum production capacity to meet demand in India
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08/10/09 Vedanta Resources Reports Strong Production first half production in Iron Ore and Aluminium
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11/09/09 Vedanta’s Sterlite looks to fight off Groupo Mexico with improved bid for Asarco
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31/07/09 Vedanta aluminium and copper production rises, but revenues slump
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12/06/09 Vedanta Resources subsidiary snaps up iron ore operations in India
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08/06/09 Vendanta Resources' Orissa bauxite project may produce by August