Vedanta offers to buy balance 20 pct in Madras Aluminium

MUMBAI (Reuters) - Miner Vedanta Resources Plc has offered to acquire the 20 percent equity stake it does not already own in Madras Aluminium Co Ltd, the latter said in a statement late on Monday. For the quarter ended December, Madras Aluminium posted a net loss of 71.3 million rupees from a net profit of 147.1 million rupees last year. Net sales inched up 6.8 percent to 1.18 billion rupees from 1.1 billion rupees. Vedanta group firm Twinstar Holdings Ltd, which owns 80 percent of Madras Aluminium, has made the offer as per SEBI (Delisting of Securities) Guidelines, 2003.