MUMBAI, India, May 12, 2016 /PRNewswire/ -- THL Zinc Limited, an overseas subsidiary of the Company, has agreed to extend the maturity of the loan of USD 1.25 billion, which was taken for a term of two years in May, 2014, from Cairn India Holdings Limited, an overseas subsidiary of Cairn India Limited (CIL), subsidiary of the Company, for a further period of two years.
The extension is on arm's length at a revised rate of interest of LIBOR + 450 bps in the first year and at LIBOR + 475 bps in the second year, on terms that are market standards including change of control provisions and will continue to be secured by a guarantee from Vedanta Resources Plc.
About Vedanta Limited (Formerly Sesa Sterlite Ltd.)
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland and Liberia.
Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) 'Sustainable Plus Platinum label', ranking among the top 10 most sustainable companies in India. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information please log on to www.vedantalimited.com
Vedanta Limited
(Formerly known as Sesa Sterlite Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
www.vedantalimited.com
Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
Disclaimer
This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
For further information, please contact:
| Communications |
|
| Roma Balwani |
Tel: +91 22 6646 1000 |
| President – Group Communications,Sustainability & CSR |
|
| Investor Relations |
|
| Ashwin Bajaj |
Tel: +91 22 6646 1531 |
| Director – Investor Relations |
|
| Sunila Martis |
|
| Manager – Investor Relations |
|
| Vishesh Pachnanda |
|
| Manager – Investor Relations |
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SOURCE Vedanta Limited
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