Sesa Goa and Sterlite Industries’ proposed merger, aimed at creating a mega natural resources firm from India, has bagged nod from the Madras High Court on July 25, 2013. It has already received the approval of the High Court of Bombay at Goa on April 3, 2013. As per this proposal, Sterlite will be merged into Sesa Goa and a new entity Sesa Sterlite will be created post merger.
After this deal, all other subsidiaries of Vedanta, except Konkola Copper Mines, will be controlled by Sesa Sterlite. This mergers will create seventh largest natural resources company of the world and a cost saving of Rs 1,000 crore annually.
