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Journalism of Courage
A day after Vedanta Group firms Sesa Goa and Sterlite Industries merged to create Sesa Sterlite,the company today said the groups Chairman Anil Agarwal will head the new entity.
Anil Agarwal,Navin Agarwal and MS Mehta have been appointed as chairman,executive vice-chairman and chief executive officer,respectively,for Sesa Sterlite, Vedanta said in a statement.
The statement said the group consolidation and simplification has received all the necessary approvals and thereby the merger of its subsidiaries Sesa Goa and Sterlite Industries has become effective,to create Sesa Sterlite.
The consolidation will create worlds seventh largest global diversified natural resources major8230;ranked by EBITDA for the 12 months ended December 2012 from public filings and pro-forma EBITDA for the 12 months ended March 2013 for Sesa Sterlite,with a world-class,low cost asset base in close proximity to high growth markets, it added.
Increased diversification is expected to reduce volatility of earnings through commodity cycles,lowering the cost of capital and enhancing value,it said.
Sesa Sterlite will have exposure to zinc-lead-silver,iron ore,oil amp; gas,copper,aluminium and commercial power,with assets located in India,Australia,Liberia,South Africa,Namibia,Ireland and Sri Lanka.
This asset base will benefit from the previously announced capex programme that has largely been invested.
