In a bit of musical chairs, Sesa Goa has changed its name to Sesa Sterlite (NYSE:SSLT) following approval by the regulatory authorities in India, now that its acquisition of a number of companies creates a huge mining operation on the order of BHP Billiton and Rio Tinto.
In a process that began in February 2012, Vedanta Resources companies Sesa Goa, Sterlite Industries, Madras Aluminum, Sterlite Energy, and Vedanta Aluminum will join together under one roof, now called Sesa Sterlite. The only thing not transferred is Vedanta's Konkola copper mines in Zambia.
The newly christened Sesa Sterlite announced on Friday that Goa's registrar of companies had approved the name chance on Sept. 18.
On Aug. 28, Sterlite shareholders got three shares of Sesa Goa for every five shares held while Madras Aluminum shareholders got seven shares for every 10 shares at two rupees each. A number of iron and metals mines have now become subsidiaries of Sesa Sterlite after the restructuring.
The new company had total assets worth $36 billion, cash and liquid investments of $7.7 billion, and profits of $1.9 billion as of the end of March. It also took on 87% of Vedanta's debt, which totals almost $16.6 billion at the end of the first calendar quarter. Sesa Sterlite now trades under the ticker symbol SSLT.
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