Sesa Goa a majority-owned subsidiary of Vedanta Resources plc (Vedanta), the London-based FTSE 100 metals and mining group, has completed the acquisition of Goa Energy (GEPL).
Earlier on November 03, 2011, the company had signed the definitive share purchase agreement with Videocon Industries along with other shareholders of GEPL under which Sesa Goa had agreed to acquire 100% of the outstanding common shares of GEPL for the enterprise value of Rs 101 crore on cash free debt free basis including normative working capital of Rs 2.75 crore.
GEPL owns and operates a 30 MW waste heat recovery power plant in Goa which utilizes the Waste heat and gases from Sesa's Coke making and Pig Iron facilities.
Sesa Goa is in the business of iron ore mining (accounts for 85 percent of revenues), and manufacture of pig iron (9 percent) and metallurgical coke (6 percent).
