'Vedanta plans up to $2 bln IPO for Indian unit'

Updated on Nov 11, 2007 03:24 AM IST

According to reports, Vedanta Resources plans to raise up to $2 billion through an initial public offering of its energy firm in India, Sterlite Energy, to fund its power projects.

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Reuters | By, Mumbai

Vedanta Resources plans to raise up to $2 billion through an initial public offering of its energy firm in India, Sterlite Energy, to fund its power projects, the Business Standard newspaper said on Saturday.

Sterlite Energy is a subsidiary of Indian non-ferrous metals producer Sterlite Industries (India) Ltd. British mining and metals group, Vedanta, owns 56.99 per cent in Sterlite Industries.

The report quoted people familiar with the company's plans as saying it is considering an initial public offering, which will probably be in India.

Earlier this week, Sterlite Industries said it planned to participate in coal-based power generation projects and other ancilliary activities through its subsidiary. It was looking at financing options through equity and debt.

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