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JSA, Luthra take home $368m Vedanta acquisition

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J Sagar and Associates (JSA) and Luthra & Luthra have completed the Rs 1,750 crore ($368m) takeover of mining company Dempo Group by London-listed Vedanta Resources subsidiary Sesa Goa.

JSA advised the target company Dempo and Luthra & Luthra was the legal adviser to Sesa Goa, announced a statement from the companies late last night (11 June).

The JSA team was led by partner Abeezar Faizullabhoy, assisted by associates Anshul Saini and Fatema Dalal.

Luthra & Luthra Delhi partner Madhurima Mukherjee led the Sesa Goa team, which included associates Sudeshna Chatterjee and Tanmay Amar.

It is understood that both firms had acted for the companies in the past.

The cash acquisition of family-owned Dempo is India's second-largest Indian iron-ore takeover ever.

Sesa Goa funded the transaction entirely from its accrued cash reserves, which stood at Rs 4,143 crore at the end of its last financial year in March.

Vedanta had acquired a 51 per cent stake in Sesa Goa from Mitsui in April 2007 for Rs 4,070 crore, which is the largest M&A deal in India's mining industry to date.

Vedanta group chairman Anil Agarwal said in a statement: "We are highly delighted with this opportunity to consolidate our iron ore business. The integration of Sesa and VSD’s operations will achieve great synergy."

JSA and Luthra & Luthra declined to comment.

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