On 27 December 2017
The Board of Directors of Vedanta's wholly owned subsidiary, Cairn India, has approved an investment of c.USD 158 million (the acquisition) in Japanese manufacturer for LCD glass substrate, AvanStrate Inc. (ASI), currently majority owned by the Carlyle Group.The transaction consists of three elements -
- an acquisition of c.USD 151 million in existing ASI debt with face value of c.USD 299 million from banks;
- an acquisition of just over 51% of the equity stake of ASI for a nominal consideration from the Carlyle Group; and
- extension of a c.USD 7 million loan to ASI.
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