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

Editors Pick
Concept drawings for a giant U-shaped skyscraper in the New York City were released this week, which is deemed to be the longest building in the world. The concept, which is called Big Bend, would be a skinny, curved structure. The glass-lined tower would be in the shape of an upside U and will be running 4,000-feet-long from end to end on Billionaire's Row. Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch.
comments powered by Disqus
Follow RTT