Vedanta Resources, the London-listed holding company, will sell its stake in three companies in India to its Indian subsidiary Sterlite Industries in an all-share deal, two people with direct knowledge of the development said.
Vedanta, owned by billionaire Anil Agarwal, will sell its 100% stake in Vedanta Aluminium, the 94.8% it owns in Madras Aluminum and its 38% stake in oil refiner Cairn Energy to Sterlite Industries to make its subsidiary a metal, mining and oil giant.