Vedanta Aluminium (VAL), a subsidiary of London-listed Vedanta Resources, has acquired 24.5 per cent stake in Larsen and Toubro-promoted Raykal Aluminium, that holds certain bauxite mining licences in Odisha, for Rs 200.70 crore.
In phases, VAL will fully acquire Raykal Aluminium for Rs 1,811 crore, although it is subject to certain milestones being achieved, a filing made to US Securities and Exchange Commission (SEC) on May 31 by its sister firm Sterlite Industries showed.
As per the filing, the deal was signed on February 23, 2012, two days before a group restructuring exercise was announced by its parent Vedanta Resources.
(Published 11 June 2012, 16:35 IST)
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