logo
Share SHARE
FONT-SIZE Plus   Neg

Vedanta's Sesa Sterlite Gets Permission To Resume Mining In Karnataka, India

India-focused miner Vedanta Resources Plc's (VED.L) subsidiary Sesa Sterlite Ltd., Saturday announced that it has received permission from the Honorable Supreme Court appointed Monitoring Committee to resume mining activities at its Karnataka mine, India.

Sesa Sterlite, formerly Sesa Goa Ltd., said it has commenced its mining operations, in accordance with stipulated conditions. Sesa Sterlite is a subsidiary of Vedanta Resources, a London listed company.

The Honorable Supreme Court of India had earlier given clearance for resumption of mining operations for A and B category mines in Karnataka, vide its order dated April 18, 2013.

It was in April this year that Vedanta Resources' subsidiaries, Sesa Goa Ltd., and Sterlite Industries, India, Ltd., announced that the High Court of Bombay at Goa has approved the Scheme of Amalgamation and Arrangement amongst Sterlite, Madras Aluminium Company Ltd., Sterlite Energy Ltd., Vedanta Aluminium Ltd., and Sesa Goa Ltd., and their respective shareholders and creditors, to create Sesa Sterlite.

VED.L closed Friday's regular trading at 901.5 pence, up 2.68 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

0 Articles
Editors Pick
Goldman Sachs downgraded the rating of retailer Target Corp. Thursday to sell from neutral over concerns about its increasing competition with e-commerce giant Amazon.com Inc. Target's price target was reduced to $67 from $77. It is expected that the retailer's efforts to compete with Amazon will result in sluggish sales and profits. Catabasis' phase II trial of Edasalonexent in boys affected by Duchenne muscular dystrophy is ongoing, and top-line results are anticipated in the first half of Q1 2017. American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based...
comments powered by Disqus
Follow RTT