Agarwal, who launched a USD 1 billion offer to buy the 33. Protesters at Tuticorin were demanding the closure of Vedantas copper smelter when they were fired upon by the police. If his offer goes through, Agarwal will be left with just two Mumbai-listed companies — Vedanta Ltd, that produces everything from oil and gas to copper, and Hindustan Zinc Ltd.Vedanta Resources listed on London in December 2003, raising just over 500 million pounds from a sale of shares at 390 pence.”The rationale for the move is two-fold. Both are listed in India, and Vedanta Ltd also has an ADR listing on the New York Stock Exchange,” he said.Volcan, a holding company owned by a trust controlled by Agarwal, yesterday announced an intention to make a USD 1 billion offer to buy the 33.1 per cent of Vedanta Ltd and has near 65 per cent holding in Hindustan Zinc.The move to delist Vedanta came weeks after killing of 13 protesters in police firing at the firms copper smelter plant in Tamil Nadu last month that led to political opposition to the company in the UK and drop in its share price.4 per cent of Konkona Copper Mines in Zambia, Africa.New Delhi: Mining mogul Anil Agarwal on Monday said his plan to delist his flagship Vedanta Resources Plc from London Stock Exchange and take it private Brazing Alloys Manufacturers is no way linked to the Tuticorin incident and is merely an exercise to simplify a sprawling business empire.The companys mines in Karnataka, however, continue to operate. Agarwal said there is no plan “at this stage” to further consolidate the subsidiaries under one umbrella.
There were demands from some quarters that the firm be delisted from London Stock Exchange.Vedanta Resources owns 50.”Two, increasing maturity of Indian markets. That offer will be open for a certain period of time governed by UK rules (3-6 weeks), following which the process will be completed. He said yesterdays announcement was an intention to make an offer. We have been simplifying for years, through the merger of the Indian companies to create Vedanta Limited, and then the merger of Cairn India into Vedanta Limited. This is driven by the desire to simplify the corporate structure”.While its Tuticorin plant has been shut down, Vedantas iron ore business too has been hit by the Supreme Court, ordering a suspension of mining in Goa, where most of its iron ore mines are located. Agarwal said there will be no material impact of delisting on the businesses. This transaction is a logical next step in that process.65 per cent stake of Vedanta that his family trust does not own, while on a cruise with family in the Mediterranean, said the liquidity of Indian markets now means that the need for a separate London listing is no longer critical.Asked if the decision was linked to the turn of events at Tuticorin, Agarwal said: “No link at all. One, corporate simplification. The liquidity of Indian markets now means that the need for a separate London listing is no longer critical,” he told PTI.”It is expected that an offer will be made in 28 days.Vedanta, which owns copper, aluminum, iron ore, oil and steel businesses, has been facing environmental pressure on its operations.”Asked how the share purchase will be funded, he said Volcan has the financing for the offer lined up and will announce details before the formal offer.”Post delisting, there will be two listed entities: Vedanta Ltd and HZL.. It also owns 79.65 per cent of Vedanta at 825 pence per share. It recently entered the steel business by acquiring bankrupt Indian firm Electrosteel
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