Sesa Goa along with its subsidiary Sesa Resources has acquired 1.5% of the total paid up share capital of Cairn India from Cairn UK Holdings. Sesa Goa has acquired 243,07,241 equity shares and its subsidiary Sesa Resources has acquired 45,00,000 equity shares of Cairn India aggregating to approximately 1.5% of the total paid up share capital .
With this acquisition Sesa Goa along with its subsidiary, Sesa Resources holds 20% of the share capital of Cairn India.
Recently, Sesa Goa anticipated that the country’s iron ore exports may fall by a third to 65-70 million tonnes in the year to March 2012. The company also expected that the western state of Goa, which was the top exporter last year, may ship 45-50 million tonnes, down from 54.42 million tonnes in the year earlier period.
Sesa Goa is in the business of iron ore mining (accounts for 85 percent of revenues), and manufacture of pig iron (9 percent) and metallurgical coke (6 percent).
