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Agarwal toasts Vedanta success

London, Dec. 10 (PTI): Vedanta Resources was formally listed on the London Stock Exchange today after it raised over $1 billion through its public issue here.

“The response was to the tune of $3 billion—three times our target.We will be raising up to $1 billion,” Anil Agarwal, chief executive officer of Vedanta Resources Plc, the holding company for several subsidiaries, including Sterlite Industries, said at the listing ceremony.

Agarwal, who founded the company 20 years ago, said: “This marks the climax of my ambition to have my company listed on the London Stock Exchange. I am delighted with the success of this initial public offer of $3 billion.”

Agarwal, who is also the chairman and managing director of Sterlite and a director of Balco and Hindustan Zinc Limited, said the IPO proceeds would primarily be used to fund the Balco smelter expansion project worth $200 million and the Orissa alumina refinery project (about $300 million to $400 million) and to repay debt.

“Our alumina project in India is now a reality. Our expansion plans for other plants throughout India are also a reality. We are truly a growth company in the UK and the market will reward us for delivering the results and delivering superior returns to our shareholders.”

“For me, today is also a clear signal that India is on the move. India is opening up.”

Clara Furse, chief executive of the London Stock Exchange, said Vedanta, whose public issue was over-subscribed three times, was the first Indian company to seek full listing on the London Stock Exchange.

It would join 445 other international companies from 60 countries.

Vedanta is based in the UK and it has operations throughout India, Queensland, Australia and Tasmania, Agarwal said.

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