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

Editors Pick
Starbucks wants to be more efficient but it is risking the fragile loyalty of its most devoted customers. The ubiquitous chain plans a major push to get coffee lovers to use its mobile app to place their orders, but regulars prefer to buy their lattes by waiting in the queue. According to reports,... Taco Bell, the Mexican fast-food chain owned by Yum Brands Inc. (YUM), Thursday said it will start selling tortilla chips in grocery and convenience stores starting May. The chips will be available in Fire and Mild sauce packet flavors and also in a Classic flavor. "This launch of our first line... Meredith Corp. said Wednesday that it has decided to explore the sale of its Time, Sports Illustrated, Fortune, and Money brands. In addition, the company will cut 1,000 jobs over the next ten months as part of its plan to realize cost synergies from its acquisition of Time Inc. Further, Meredith has notified about 200 employees that their positions have been eliminated.
comments powered by Disqus
Follow RTT