16December2017

Goa's Spirited Online Weekly Magazine.

Selling of Sesa

Whether it was $1.37b or $981m is not the point.  Whoever sells Sesa Goa continues to make billions while Goans get a few underpaid jobs only.  In 1995, I met Emilio Riva writing for the Economic Times, the Italian billionaire who through Italy’s privatization process bought Ilva Laminati Piani SpA (ILP), Italy, the holding firm of Finsider International Co. Ltd.,

UK that till then was Sesa Goa’s main shareholder.  ILP was a State-owned conglomerate belonging to Gruppo IRI or Istitituto Per La Ricostruzioni Industriale.  It was evident during the interview despite his vehement denials that Riva was not interested in retaining Sesa.  Soon afterwards, he sold Sesa to Japan’s Mitsui who sold it to Vedanta Resources plc.  The selling of Sesa could go on.  Sesa’s lineage has changed since 1954, when it kicked off as Scambi Economi Sa, Goa.  The following year it was renamed Sesa Goa Ltd after it was jointly taken over by Gewerkeschaft Exploration, West Germany and Ferromin SpA, Italy, a subsidiary of Finsider SpA, belonging to the IRI group that acquired the German firm’s stake in Sesa.

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