Print Page  Close Window

News Release
Investment by Majority Shareholder of Vedanta Plc
RNS Number : 6103Z
Vedanta Resources PLC
15 March 2017
 

                                                                                                                       

                                                                                                                               

       

Vedanta Resources plc

16 Berkeley Street

London W1J 8DZ

Tel: +44 (0) 20 7499 5900

Fax: +44 (0) 20 7491 8440

www.vedantaresources.com

 

15 March 2017

 

Investment by Majority Shareholder of Vedanta Resources Plc

 

Volcan Investments Ltd ("Volcan"), the majority shareholder of Vedanta Resources Plc (the "Company"), has today announced that it intends to make an investment in Anglo American Plc shares of up to £2.0 billion.

 

The Company confirms that the proposed investment is being made by Volcan alone, and that the Company is not participating in Volcan's investment.

 

Vedanta is committed to its strategic priorities, including ramping up production from its portfolio of low cost assets, increasing its free cash flow, and continuing to optimise and deleverage its balance sheet.

 

The independent directors of the Company (who for these purposes did not include the Executive Chairman or Executive Vice Chairman) have consented to the proposed investment pursuant to the Relationship Agreement between, among others, Volcan and the Company. The independent directors of Vedanta Resources Plc were advised by Moelis & Company UK LLP and Ashurst LLP in relation to the giving of this consent.  

 

 

 

For further information, please contact:

Communications

Finsbury

Roma Balwani

President - Group Communications, Sustainability

and CSR

Tel: +91 22 6646 1000

gc@vedanta.co.in

 

Daniela Fleischmann

Tel:  +44 20 7251 3801

Investors

 

Ashwin Bajaj

Director - Investor Relations

 

Radhika Arora

Associate General Manager - Investor Relations

 

Sunila Martis

Associate General Manager - Investor Relations

 

Ravindra Bhandari

Manager - Investor Relations

Tel: +44 20 7659 4732

Tel:  +91 22 6646 1531

ir@vedanta.co.in

 

Notes to Editors

Vedanta Resources Plc is a London listed diversified global natural resources company. The group produces Aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. For more information, please visit www.vedantaresources.com.

As at the date of this announcement, Volcan is interested in approximately 69. 39 per cent of Vedanta Resources Plc's ordinary shares.

The independent directors of the company, for the purposes of this announcement, are all of the directors except for the Executive Chairman and the Executive Vice Chairman who have not taken part in the board's consideration of any of the matters referred to in this announcement on account of their potential conflict of interest.

Moelis & Company UK LLP ("Moelis & Company"), which is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for Vedanta Resources Plc and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Vedanta Resources Plc for providing the protections afforded to clients of Moelis & Company or for providing advice in relation to or in connection with the matters referred to in this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLLFVDVEIELID