Shares of Sesa Goa and Sterlite Industries gained nearly 4 per cent in an otherwise weak market as the proposed merger of the Vedanta group companies becomes affective from today. The group's Chairman Anil Agarwal will head the new entity.
"Anil Agarwal, Navin Agarwal and M S Mehta have been appointed as Chairman, Executive Vice Chairman and Chief Executive Officer, respectively, for Sesa Sterlite," Vedanta said in a statement.
The statement said the group consolidation and simplification has received all the necessary approvals and thereby the merger of its subsidiaries Sesa Goa and Sterlite Industries has become effective, to create Sesa Sterlite.
Sesa Sterlite will have exposure to zinc-lead-silver, iron ore, oil & gas, copper, aluminium and commercial power, with assets located in India, Australia, Liberia, South Africa, Namibia, Ireland and Sri Lanka.
At 11:40AM, Sesa Goa gained 4 per cent at Rs 135.90 while Sterlite Industries rose 3.8 per cent to Rs 78.65 in today's trades.
"Anil Agarwal, Navin Agarwal and M S Mehta have been appointed as Chairman, Executive Vice Chairman and Chief Executive Officer, respectively, for Sesa Sterlite," Vedanta said in a statement.
The statement said the group consolidation and simplification has received all the necessary approvals and thereby the merger of its subsidiaries Sesa Goa and Sterlite Industries has become effective, to create Sesa Sterlite.
Sesa Sterlite will have exposure to zinc-lead-silver, iron ore, oil & gas, copper, aluminium and commercial power, with assets located in India, Australia, Liberia, South Africa, Namibia, Ireland and Sri Lanka.
At 11:40AM, Sesa Goa gained 4 per cent at Rs 135.90 while Sterlite Industries rose 3.8 per cent to Rs 78.65 in today's trades.
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