Metals conglomerate Sesa Sterlite renamed as Vedanta Ltd
Metals and mining conglomerate Sesa Sterlite said on Wednesday it has changed its name to Vedanta Ltd to better align with its international identity - Vedanta Resources.business Updated: Apr 22, 2015 16:54 IST
Metals and mining conglomerate Sesa Sterlite said on Wednesday it has changed its name to Vedanta Ltd to better align with its international identity - Vedanta Resources.
"Sesa Sterlite Ltd hereby announces that it has changed the name of the company from its present name, Sesa Sterlite Limited to Vedanta Ltd," the firm said in a regulatory filing.
Vedanta Group CEO Tom Albanese said: "The name change from Sesa Sterlite to Vedanta Ltd promises a united and aligned identity, Vedanta, which positions us to create greater value for our domestic and global stakeholders, as a diversified natural resources group of companies."
The firm said shareholders have approved the name change and is effective post issue of Fresh Certificate of Incorporation issued by the Registrar of Companies, Goa and Ministry of Corporate Affairs.
Sesa Sterlite is a subsidiary of Vedanta Resources Plc, UK, which is listed on the London Stock Exchange and represents the Vedanta group. The promoters hold 59.53% stake in Sesa Sterlite.
The company produces and processes oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and is present in India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
The proposal to change name comes after Vedanta completed an amalgamation of its various businesses to create Sesa Sterlite.
However, the change in the name of the company will have no impact on the operations of its subsidiaries - Cairn India, Hindustan Zinc Ltd and BALCO, the company added.
Sesa Sterlite shares were trading 1.04% down at Rs 209.10 per scrip during afternoon session on the BSE.