African assets in an approved Vedanta - Cairn India merger

Vedanta Ltd, with Namibian and South African assets in its global portfolio, on Thursday obtained shareholders approval for its merger with Cairn India Ltd. 

The Indian world leading diversified natural resources company has as zinc assets Black Mountain mine, Gamsberg project and Swartberg prospects, Zinc International in South Africa, Skorpion Zinc Mine & Refinery, Zinc International and Rosh Pinah in Namibia.

The subsidiary of the major Vedanta resources, with interest in oil and gas in South Africa through Cairn India, has gained overwhelming support for the merger.

It said, 97.84% of its equity shareholders, secured and unsecured creditors, representing 99.99% in value, voted in favour of the resolution approving the merger scheme of arrangement.

“The public shareholders of the company have casted 99.98% of votes in value in favour of the resolution”, the company also said and welcomed that a majority of the minority shareholders approved the scheme.

Vedanta Ltd underlined it is now expecting, for the scheme, the approval of the jurisdictional High Courts as well as other regulatory approvals.

The company boasts about having a portfolio of world-class, low-cost, scalable assets that consistently generate strong profitability and have robust cash flows.