Sesa Goa ups stake to 100 per cent in Liberia project
22 Dec 2012
Sesa Goa's shareholding in Liberia's Western Clusters project (WCL) has now risen to 100 per cent, after it acquired 49 per cent stake that it did not already own in it for $33.5 million (about Rs185 crore).
Western Cluster Ltd. owns and operates iron ore mines in Liberia.
Last year Sesa Goa paid about $90 million (about Rs411 crore) in WCL for 51 per cent stake, making it a subsidiary.
Vedanta Group firm Sesa Goa yesterday said it had acquired the remaining 49 per cent stake in WCL project for $33.5 million (about Rs185 crore).
''Sesa Goa has acquired the remaining 49 per cent of the outstanding common shares of Western Cluster Ltd (WCL) from Elenilto Minerals & Mining LLC Delaware, for a cash consideration of $33.5 million,'' the company said.
''WCL is expected to create significant long-term value for all stakeholders,'' the company said.
