India's largest private iron ore exporter Sesa Goa Ltd said the High Court of Bombay at Goa has approved the Scheme of Amalgamation of its subsidiary Sesa Industries Ltd with the company.
In a communication to the stock exchanges, Sesa Goa said the Court approved the Scheme yesterday with an appointed date of April 1, 2005.
It said on receipt of the certified copy of the order, the necessary formalities with Registrar of Companies, Goa, Ministry of Corporate Affairs and others will be complied with.
The Rs 3,776 crore Sesa Goa, exports close to 65-70 per cent of its volumes to China and sells around 50 per cent of its iron ore at spot prices. Sesa Industries Limited manufactures pig iron.
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