Vedanta deal in US shows growing reach of Indian cos

by Dave

via livemint
Highlighting the growing global clout of companies from emerging markets, India’s Vedanta Resources Plc. reached a $2.6 billion (around Rs11,000 crore) deal to purchase the assets of a bankrupt US copper miner, Asarco Llc.
The deal would be one of the largest foreign purchases ever by an Indian company. The Mumbai-based metals conglomerate outbid three other groups, including Grupo Mexico SA, which first bought Asarco in 1999 but later lost control in a bankruptcy case. Grupo Mexico has said it will challenge the sale.
The sale would mark a turning point for the world’s mining giants, creating a showdown between a powerful Latin American group and an Asian rival for control over a historic US corporation.