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Aug 29, 2012, 10.12 AM IST
Metal major Vedanta today said its proposed simplification of the group structure, to be completed within the current year, will help it to capitalize on future growth opportunities.
"The consolidation and simplification of our Group structure, which has been approved by shareholders, is now awaiting court approvals and remains on track for completion in calendar year 2012," Vedanta Chairman Anil Agarwal said in the company's Annual General Meeting here.
This simplification is in line with the company's stated strategy and would deliver significant synergies, drive better alignment of cash flows and be earnings accretive for the shareholders, he added.
Vedanta had earlier this year announced its plan to merge Sterlite Industries into Sesa Goa under a new entity Sesa Sterlite.
"... the simplification and consolidation of the group positions us well to capitalise on future growth opportunities," Agarwal said.
He said though the company was operating in challenging market conditions, it remains well positioned for growth as the fundamental demand for commodities remains sustained, driven by economic growth and urbanisation in emerging economies.
"We believe the demographic trends within India, our largest market, and strong demand internationally will continue to drive growth," Agarwal added.
For the year ended March 31, 2012, Vedanta group reported USD 14 billion revenue, up 23 per cent over the previous year.
The group had USD 6.9 billion cash and liquid investments as on March 31.
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