To leverage the ‘Vedanta’ brand, metals and mining conglomerate Vedanta Resources plans to rechristen its subsidiary Sesa Sterlite as Vedanta.
“In order to have a better alignment with the brand Vedanta as part of the Vedanta Group, the name of the company is now proposed to be changed from Sesa Sterlite to Vedanta,” Sesa Sterlite said in a letter to shareholders seeking their nod through postal ballot.
Sesa Sterlite is a subsidiary of Vedanta Resources, UK, which is listed on the London Stock Exchange and represents the Vedanta Group. Promoters hold 59.53% stake in Sesa Sterlite.
Sesa Sterlite is one of the world’s largest diversified natural resources companies. Its business primarily involves exploring, extracting and processing minerals and oil and gas.The company produces and processes oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
The proposal to change its name comes a little over a year after Vedanta completed amalgamation of its various businesses to create Sesa Sterlite. The name change became effective from only in September, 2013.