Vedanta takes stake in LCD glass substrate expert

Diversified mining and oil/gas group Vedanta Resources is to invest $158m to gain a controlling stake in Japanese LCD glass substrate manufacturer ASI.

It will invest $151m in existing ASI debt with face value of c$299m from banks. It will obtain just over 51% of ASI's equity for a nominal consideration. It will also provide a $7m loan to ASI.

The acquisition is conditional on consents being obtained from ASI's existing lenders and is expected to occur prior to 31 December 2017.

At 9:50am: (LON:VED) Vedanta Resources PLC share price was +11p at 794p