Sesa Goa to take over Videocon’s Goa Energy
Vedanta group’s Sesa Goa will buy 100 per cent stake in Vidoecon Industries’ Goa Energy for Rs 53.72 crore.
In a regulatory filing, the private sector iron ore miner said it has signed a definitive share purchase agreement with the shareholders for the “all cash deal”.
The agreement includes taking over an existing debt of Rs 47.28 crore of Goa Energy, which owns and operates a 30 MW waste heat recovery power plant in Goa.
“This agreement is subject to certain conditions precedent including approvals from the lenders and power purchasers,” the filing further said, adding that the acquisition will be funded by internal cash of Sesa Goa.
“The acquisition will enable Sesa Goa to exploit synergies with the pig iron and coke making operations at Amona, Goa and to secure further cost reduction on its own power requirements, the filing said.
