Amarchand Mangaldas to lead Vedantas restructuring and merger of Sterlite and Sesa Goa Luthra advises Citibank

Amarchand Mangaldas will act as the sole legal advisor to Vedanta Resources on its restructuring and for merger of its largest subsidiaries, Sterlite Industries and Sesa Goa..Vedanta Resources is planning to simplify its business structure by merging its Indian subsidiaries into a single unit called ‘Sesa Sterlite’ to improve cash flows and reduce its debt, according to media reports..Amarchand Mangaldas Delhi team will work on several aspects of the scheme of reorganization, merger and amalgamation..The team will be led by Managing Partner Shardul Shroff along with Partners Kalpataru Tripathi and Pallavi Shroff, Principal Associates Shweta Shroff Chopra and Vineet Bansal..Luthra & Luthra Law Offices is advising Citibank on this transaction. The Luthra team will be led by Senior Partner Mohit Saraf along with Partner William Vivian John..According to Business Standard, the merger will be executed through an all-share transaction. Vedanta would transfer its 38.8 percent holding in Cairn India, including a debt of $5.9 billion (around Rs. 30,000 crore), to the new company that would hold 58.9 per cent of Cairn India. Sesa Goa already directly holds 20 percent in Cairn India. With this merger, Vedanta’s debt would be reduced by 61 per cent to $3.8 billion (around Rs 18,000 crore)..In August 2010, Vedanta Resources had announced the acquisition of up to 60% of Cairn India for an aggregate consideration of up to approximately US $9.6 billion (Rs. 44,160 crore) in cash. Latham & Watkins had advised Vedanta on matters relating to English law along with AZB & Partners who advised the mining giant. Cairn was advised by scottish firm Shepherd and Wedderburn on English law and S & R on Indian law aspects.