Vedanta has completed investment in Ferro Alloys Corporation (FACOR) through combination of equity of Rs 34 crore and inter-corporate loan of Rs 22.03 crore. Further, Non-Convertible Debentures of aggregate face value of Rs 286.5 crore have been allotted by FACOR to its Financial Creditors.
Accordingly, the Company has been allotted with 34,00,00,000 fully paid up equity shares of Rs 1 each of FACOR as per the approved Resolution Plan. Pursuant to the aforementioned allotment, FACOR will be wholly owned subsidiary of the Company. The Company has acquired control over FACOR and a new board of directors has been put in place.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc leadsilver, copper, iron ore, aluminium and commercial power.
