New Delhi: Aimed at leveraging the "Vedanta" brand, metals and mining conglomerate Vedanta Resources plans to rechristen its subsidiary Sesa Sterlite Ltd as Vedanta Ltd.
"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 Ltd to Vedanta Ltd," Sesa Sterlite said in a letter to shareholders seeking their nod through postal ballot.
Sesa Sterlite is a subsidiary of Vedanta Resources Plc, UK, which is listed on the London Stock Exchange and represents the Vedanta Group. Promoters hold 59.53 per cent 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 have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
The proposal to change its name comes a little over one year after Vedanta completed amalgamation of its various businesses to create Sesa Sterlite. The name change became effective from only in September, 2013.
"It will become necessary to alter the Memorandum of Association and consequentially, the Articles of Association of the Company to substitute the new name of the company, Vedanta Ltd," it said.
Meanwhile, the company has sought shareholders' approval to induct former Tata Motors managing director Ravi Kant, former joint managing director of ICICI Bank Lalita Gupte and former Cabinet Secretary Naresh Chandra on its Board as Independent Directors for three years from January 29.
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