Team News Riveting
New Delhi, July 26
Vedanta Limited has decided to sell the shares held by the company in two of its wholly‐owned subsidiaries and subsequent amalgamation of some of the subsidiaries under Sections 230‐232 of the Companies Act, 2013.
The Board has approved the sale of the equity holding of the Company in its non‐material wholly‐owned subsidiaries, namely, Sterlite Ports Limited (SPL) and Paradip Multi Cargo Berth Private Limited (PMCB), to Sesa Resources Limited (SRL), which is also a wholly‐owned subsidiary of the Company, as a part of its consolidation activity of certain entities, Vedanta Limited said in a regulatory filing.
Pursuant to execution of the Share Purchase Agreement and transfer of equity shares, SPL and PMCB would cease to be direct subsidiaries of the Vedanta and would become step‐down subsidiaries. SPL has two wholly‐owned subsidiaries, viz, Maritime Ventures Private Ltd (MVPL), and Goa Sea Port Private Limited (GSPPL). Subsequent to the sale of shares of SPL and PMCB by VEDL to SRL; SPL, PMCB, MVPL and GSPPL will be amalgamated with Sesa Mining Corporation Limited (SMCL) which is a step-down subsidiary of Vedanta Limited. The scheme for amalgamation shall be subject to approval of the National Company Law Tribunal (Tamil Nadu and Bombay (Goa Bench)).
The company will be acquiring 26 per cent of equity shares of Facor Power Limited (FPL) and subsequent amalgamation of FPL with Ferro Alloys Corporation Limited (FACOR) under Sections 230‐232 of the Companies Act, 2013. The Board has approved the amalgamation of Facor Power Limited (FPL), subsidiary of Ferro Alloys Corporation Limited (FACOR), with FACOR which is a wholly‐owned subsidiary of the Company. Pursuant to the amalgamation, FACOR would be the only resultant entity. It is further proposed that the Company will be acquiring 26 per cent equity of FPL from FACOR.
