Vedanta has received approval for the acquisition of additional stake of 46.57% in AvanStrate Inc. (ASI) (an indirect subsidiary of the Company with 51.63% holding) from HOYA Corporation, Japan (HOYA) through Cairn India Holdings (CIHL), a wholly-owned subsidiary of the Company. Post the execution of the aforesaid transaction, CIHL will hold 98.2% in ASI.
The acquisition of AvanStrate aligns with Company's vision of pivoting towards technology and diversifying into hi-tech manufacturing, while expanding its presence in high-growth markets. Leveraging its expertise and resources, AvanStrate aims to strengthen Vedanta’s capabilities to support the burgeoning hi-tech electronics manufacturing industry in India and capitalize on the growing demand for electronic devices in India and globally. The Board of Directors of the company on May 10, 2024, has approved the same.
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.
Company Name | CMP |
---|---|
Hindalco | 675.05 |
Vedanta | 472.55 |
Hindustan Zinc | 728.05 |
Gravita India | 1023.00 |
Ram Ratna Wires | 374.10 |
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