21st Aug 2006 15:58
Vedanta Resources PLC21 August 2006 21 August 2006 Vedanta Resources plc Announces Sale of Power Transmission Line Division by Sterlite Industries Vedanta Resources plc today announced that its subsidiary, Sterlite IndustriesIndia Limited ("Sterlite") has approved the sale of its Power Transmission Line("PTL") division to Sterlite Optical Technologies Limited ("SOTL"). PTLmanufactures power conductors and is based in Silvassa (Dadra & Nagar Haveli)and Karanjwane, Pune. SOTL will assume all assets and associated liabilities ofthe PTL division for a net consideration of $31.9 million. With the divestmentof this non-core business, Sterlite will continue to focus on being a primarymetal producer. An independent committee of the Board of Directors of Sterlite considered thevaluation report of an independent valuer, Ernst and Young and recommended thistransaction to Sterlite's Board. The sale is conditional on the approval of bothSterlite and SOTL's shareholders. For further information, please contact:Sumanth Cidambi [email protected] Director - Investor Relations Tel: +44 20 7659 4732 / +91 22 6646 1531Vedanta Resources plc Faeth Birch Tel: +44 20 7251 3801Robin WalkerFinsbury About Vedanta Resources plc Vedanta Resources plc is a London listed FTSE 100 diversified metals and mininggroup. Its principal operations are located throughout India, with furtheroperations in Zambia and Australia. The major metals produced are aluminium,copper, zinc and lead. For further information, please visitwww.vedantaresources.com. Disclaimer This press release contains "forward-looking statements" - that is, statementsrelated to future, not past, events. In this context, forward-looking statementsoften address our expected future business and financial performance, and oftencontain words such as "expects," "anticipates," "intends," "plans," "believes,""seeks," "should" or "will." Forward-looking statements by their nature addressmatters that are, to different degrees, uncertain. For us, uncertainties arisefrom the behaviour of financial and metals markets including the London MetalExchange, fluctuations in interest and or exchange rates and metal prices; fromfuture integration of acquired businesses; and from numerous other matters ofnational, regional and global scale, including those of a political, economic,business, competitive or regulatory nature. These uncertainties may cause ouractual future results to be materially different that those expressed in ourforward-looking statements. We do not undertake to update our forward-lookingstatements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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