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Sesa Goa to buy Dempo’s mining assets for Rs 1,750 crore

Vedanta Ltd. | Metal - Non Ferrous | Metals & Mining | BSE: 500295 | NSE: VEDL

12 Jun 2009 Evaluate

Sesa Goa, a Vedanta Group company, has agreed to acquire the mining assets of Dempo Group for Rs 1,750 crore in an all-cash deal. The assets include mining leases, rights and related infrastructure in Goa. Sesa Goa signed a definitive share purchase agreement to acquire VS Dempo and Co Pvt Ltd, which owns 100 per cent equity shares of Dempo Mining Corporation Pvt Ltd and 50 per cent in Goa Maritime Pvt Ltd. The deal will be funded by Sesa Goa through internal accrual, which stands at Rs 4,143 crore as on March 31, 2009.

VSD, one of the largest exporters of iron ore from Goa, owns the rights to mine-able reserves and resources estimated at 70 million tonnes of iron ore in Goa. The company’s assets include processing plants, barges, jetties, trans-shippers and loading capacities at Marmugao port. It produced 3.94 million tonnes of iron ore and sold 4.36 million tonnes in FY’09. VSD’s unaudited revenue was about Rs 976 crore and EBITDA (earnings before interest, tax, depreciation and amortisation) in FY’09 was Rs 417 crore.

Goa-based Dempo Group is a diverse industrial house with interests spanning across mining, calcined petroleum coke, pig iron, shipbuilding, food and travel. V S Dempo & Co Pvt Ltd and Dempo Mining Corporation Pvt Ltd constitute the Goa mining business of the Dempo Group. Dempo has been involved in iron ore mining, beneficiation and exports for nearly 60 years.

India produces over 200 million tonnes of iron ore annually and exports about half the production. There are about 500 mines held by about 80 companies. However, only 250 mines are operational. China is the major importer of iron ore from India, with its proximity helping to secure ores with low freight costs.

The demand for iron ore has been on the rise and the prices have surged 10 per cent in first week of June, touching a four month high on account of large scale imports by China which imported 55.5 million tonnes in May, up 25 per cent over the same period last year.

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Sesa Goa to buy Dempo’s mining assets for Rs 1,750 crore

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