This is the second largest acquisition in India’s Iron Ore Industry when Sesa Goa, a subsidiary of London-listed Vedanta Resources, today acquired Goa based Dempo group mining and maritime business for Rs 17.5 billion in an all-cash deal.
The assets sold including mining rights, mining leases and related infrastructure in Goa. Company was said to have cash resources of about Rs41.4 billion and all transaction are said to done from there, nothing from outside.The acquisition will give Sesa Goa access of handling Dempo’s 70 million tons of iron resources mineable resources in Goa.
Due to this deal shares of Sesa Goa surges 5.78% to Rs203.20 when market was down more than 150 in BSE.
Sources:The Wall Street Journal
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