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Vedanta’s arm gets nod for investment in AvanStrate

27 Dec 2017 Evaluate

Vedanta’s wholly owned subsidiary --- Cairn India holdings (CIHL), has received approval from its board for an investment of c.$158 million in Japanese manufacturer for LCD glass substrate, AvanStrate Inc. (ASI), currently majority owned by the Carlyle Group.

This transaction provides both strategic control and attractive returns to CIHL. Completion of the Acquisition is conditional on consents being obtained from ASI's existing lenders and is expected to occur prior to December 31, 2017.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.


Peers
Company Name CMP
Hindalco Industries 940.00
Vedanta 255.00
Hindustan Zinc 561.60
Jain Resource Recycl 290.50
CMR Green Tech 221.35
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