"The prospect of its three large projects under Vedanta Aluminium — the $2.92-billion aluminum smelter, $1.57-billion alumina refinery, and $0.15-billion debottlenecking project — remaining bleak primarily due to unavailability of bauxite is what’s worrying analysts. As the government is still holding 29.5 per cent stake in HZL, the group was unable to access the Rs 21,000 crore of cash and investments. Bankers say after buying the government’s stake, Sesa Sterlite will be able to dip into the cash reserves of HZL to help it repay Cairn’s loans as almost $3.5 billion, which are coming up for repayment in the next three years. A merger of HZL and Sesa Sterlite will be initiated by the first quarter of next financial year, bankers say."
Posted on: Thu, 12 Sep 2013 16:47:42 +0000
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