Vedanta Says Corporate Restructuring Approval Process Delayed

By Alex MacDonald

LONDON--U.K.-listed, India-focused miner Vedanta Resources PLC (VED.LN) said Wednesday that its corporate restructuring has been delayed until it receives approvals from two separate state courts in India.

The FTSE-100 miner told investors last month that it remained on track to complete its corporate re-structuring by the end of the year but a key court hearing is now scheduled to take place in January, meaning securing the final approvals for the corporate restructuring process may be delayed by at least a month.

"The hearings at the High Court of Madras have been completed and orders are awaited [while] the hearings at the High Court of Bombay at Goa are in process and the next round of hearing is scheduled to take place in January 2013."

The company said that the date to complete a key transaction involved in the corporate restructuring would be announced once the court approvals have been received.

Vedanta announced in February this year plans to merge metals producer Sterlite Industries (India) Ltd. (500900.BY) and iron ore producer Sesa Goa Ltd. (500295.BY) to create an Indian natural resources champion with annual synergies of around $200 million.

At 1247 GMT, Vedanta's shares were up 0.2% at 1,110 pence a share, resulting in a market capitalization of GBP2.95 billion.

-Write to Alex MacDonald at [e-mail]

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