Vedanta Resources closer to consolidation

published 12 December 2012

Vedanta Resources is edging closer to completing its group consolidation following approvals from respective companies, shareholders and regulators.

The FTSE 100 diversified global natural resources major made the announcement for consolidation last February and continues to believe the move will create more value for stakeholders.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Vedanta is now awaiting approval from the High Court of Madras following the completion of hearings.

The company is also in the process of hearings at the High Court of Bombay at Goa with the next scheduled for January 2013.

Once Vedanta receipts receipt of approval from both courts, it will complete the arrangements.

Vedanta produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and commercial energy. It has a market capitalisation of £2.95bn with operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.

Its share price rose 0.09% to 1,107p at 14:10 Wednesday.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.