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News:
- “Cairn India’s shareholders will get access to Vedanta Limited’s Tier I metals and mining assets, which are well invested, have low cost and long life,” said Vedanta Limited’s Chairman Navin Agarwal.
- Despite weak commodity prices and tepid industrial activity, the company recorded revenues of Rs 73,364 crore for the financial year, with earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 22,226 crore and an adjusted EBITDA margin of 41%.
- He added that the merger will deliver significant economies of scale, including improved optionality to allocate capital, and will strengthen the company’s engagement with the government and its sustainability initiatives.
- Each Cairn India shareholder will be offered an equity share of Vedanta Limited, besides a 7.5% redeemable preference share of Rs 10 face value.
- Agarwal also lauded steps taken by the government to revitalise the mining industry.
Source: BS
