Vedanta Resources aims to close merger with Cairn India in early 2017
Mining and energy group Vedanta Resources expects to complete its merger with Cairn India early next year, a move that would boost the firm's financial strength, Vedanta's CEO said on Friday. Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia.
In a speech to a London shareholders' meeting, CEO Tom Albanese said the rationale for the merger was compelling, which was why Vedanta announced improved terms in July.Get live Indian Stock Market News Updates visit us : http://www.ripplesadvisory.com/aboutus.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90
"The merger ... will contribute significantly to our overall financial strength, not least through a potential re-rating, which will lower our overall cost of capital," Albanese said, according to a copy of his speech. "We expect to close the transaction in the first quarter of 2017."
Mining and energy group Vedanta Resources expects to complete its merger with Cairn India early next year, a move that would boost the firm's financial strength, Vedanta's CEO said on Friday. Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia. 
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