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.
