Vedanta Defers Restructuring Plan but Continues $9.8 Billion Expansion, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Vedanta Resources plc (LSE:VED) (London) announced a group restructuring plan in early September in response to shareholders requesting elimination of conflicts of interest and a simplification of the corporate structure. However, in view of the current changes in the global financial market and feedback from its investors, the company has deferred the restructuring plan to a time when market conditions are more favorable. Vedanta had intended to reorganize the company to strengthen its metal and mining business and planned to have three verticals units: Sesa Goa Limited (BSE:500295) (Panaji, Goa) for iron ore; Sterlite Industries India Limited (NYSE:SLT) (Tuticorin, Tamil Nadu) for copper, zinc, and lead; and Sterlite Aluminum (Salem), an aluminum and energy unit.
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SOURCE: Industrial Info Resources