Vedanta unit Cairn India Holdings approves investment In AvanStrate

Investment is tune to $158 mn; the Japan-based LCD glass substrate manufacturer is currently majority owned by Carlyle Group

Vedanta Ltd arm Cairn India holdings Limited (CIHL) has acquired controlling stake in Japan-based LCD glass substrate manufacturer AvanStrate Inc (ASI) for $158 million.

Through a company statement, Anil Agarwal-led Vedanta informed the contours of the deal that comprise acquisition of $151 million existing debt of ASI from banks, acquisition of just over 51 percent stake of ASI for a nominal consideration from the Carlyle Group, an extension of a $7 million loan to ASI.

Currently, Carlyle Group owns a majority of ASI. "Completion of the acquisition is conditional on consents being obtained from ASI's existing lenders and is expected to occur