Sesa Sterlite Limited : Announcement by Cairn India Limited
MUMBAI, May 2, 2014
MUMBAI, May 2, 2014 /PRNewswire/ --
The following release was issued today by Sesa Sterlite Limited's subsidiary
Cairn India Limited.
Cairn India Limited Announcement
Cairn India Ltd. announces that Mr. P Elango, Interim CEO & Whole time
Director has decided to step down for personal reasons. The Board has accepted
his resignation. Mr. Sudhir Mathur, CFO, has taken over the additional
responsibility of leading the organization in the interim. Tom Albanese, CEO
Vedanta Resources plc and Mike Yeager, Chairman, Operations Review Board,
Cairn India, will continue to work closely with the leadership team in
managing the business under the guidance of the Board.
(Logo: http://photos.prnewswire.com/prnh/20140117/663814 )
The Board expresses its appreciation for Mr. Elango's significant contribution
during his nearly 18 years' association with the company. Under Elango's
leadership, Cairn delivered 200,000 boepd from the Rajasthan block and
achieved record levels of financial revenue & profitability.
Cairn India remains focused on realizing the full potential from the Rajasthan
block. Our immediate and medium-term priorities therefore are efficient
execution of the key projects in hand.
Mr. Navin Agarwal, Chairman, Cairn India Ltd. , said: "Elango has had a
successful stint at Cairn. He leaves Cairn India in the hands of a strong
technical and business organization. Cairn India has a terrific future and I
am confident that Sudhir Mathur and the team will steer the organization to
realize its true potential."
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's largest
diversified natural resources companies. Our business primarily involves
exploring, extracting and processing minerals and oil & gas. We produce oil &
gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and
have a presence across India, South Africa, Namibia, Ireland, Australia,
Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets
with over 80% of its revenues from India, China, East Asia, Africa and the
Sustainability is at the core of Sesa Sterlite's strategy, with a strong focus
on health, safety and environment and on enhancing the lives of local
Sesa Sterlite is a subsidiary of Vedanta Resources plc, a London-listed
company. Sesa Sterlite is listed on the Bombay Stock Exchange and the National
Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
Sesa Sterlite Limited (Formerly known as Sesa Goa Limited) Vedanta, 75, Nehru
Road, Vile Parle (East), Mumbai - 400 099 http://www.sesasterlite.com
Registered Office: Sesa Ghor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001
This press release contains "forward-looking statements" - that is, statements
related to future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "should" or "will." Forward-looking
statements by their nature address matters that are, to different degrees,
uncertain. For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in interest
and or exchange rates and metal prices; from future integration of acquired
businesses; and from numerous other matters of national, regional and global
scale, including those of a political, economic, business, competitive or
regulatory nature. These uncertainties may cause our actual future results to
be materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.
Media Relations Dr Sunil Bharati, Chief Technology Officer & Head, Corporate
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For further information, please contact:
Communications Roma Balwani Executive Vice President - Group Communications &
CSR Tel: +91-22-6646-1330 firstname.lastname@example.org
Investor Relations Ashwin Bajaj Senior Vice President - Investor Relations
Sheetal Khanduja Assoc. General Manager - Investor Relations Hitesh Dhaddha
Manager - Investor Relations Tel: +91-22-6646-1531
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