Bombay HC approves Sterlite Industries merger proposal
New Delhi: Sterlite Industries (India) Ltd on Wednesday said the Bombay High Court has approved the merger of the mining firm with Madras Aluminium Company, Sterlite Energy Ltd, Vedanta Aluminium and Sesa Goa.
"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 BSE.
However, the merger is subject to approval of Madras High Court, it said.
"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 said.
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 shares of the company were trading at Rs 92.70 per scrip, down 0.43 percent on the BSE.