Vedanta offers to buy balance 20% in Madras Aluminium

Vedanta Resources Plc, owned by Anil Agarwal, has offered to acquire the balance 20% equity stake in Madras Aluminium Co. Ltd. Vedanta group firm Twinstar Holdings Ltd., which owns 80% of Madras Aluminium, has made the offer as per SEBI (Delisting of Securities) Guidelines, 2003. For the quarter ended December, Madras Aluminium posted a net loss of Rs71.3mn as against a net profit of Rs147.1mn in the same period last year. Net sales for the fiscal third quarter inched up 6.8% to Rs1.18bn from Rs1.1bn in the year-ago period.