Indian miner Vedanta Resources is reportedly considering merging
India-based
iron ore miner Sesa Goa with
India's largest copper and aluminum producer Sterlite Industries, according to media reports. At the end of December 2011, Vedanta owned 53.3 percent of Sterlite Industries and 55.1 percent of Sesa Goa.
If the group proceeds with the restructuring plan, it will create a metals and
mining company with the third biggest profit in the private sector in
India. Vedanta's shares increased by seven percent upon the merger speculation.
Vedanta said that it aims to simplify and consolidate its corporate structure and is currently considering its options. The company stated that it will make an announcement later accordingly.