London: India's leading metals and mining group Vedanta Resources was formally listed on the London Stock Exchange today (Dec 10, 2003) after it raised over $ one billion through its public issue here.

"The response was to the tune of $ three billion – three times our target. We will be raising up to $ one billion," Anil Agarwal, chief executive officer of Vedanta Resources plc, the holding company for several subsidiaries including Sterlite Industries (India) Limited, 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 (IPO) of $ three billion."

Agarwal, who is also 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 and I am delighted that Vedanta Resources and the London Stock Exchange are part of this vital momentum," Agarwal said.

PTI