Mitsui, which acquired Sesa Goa in 1996, said it was selling its stake in it as part of its strategy to shed noncore operations.

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Vedanta, which is based in London but has most of its operations in India, is entering the lucrative iron ore market with the acquisition of Sesa Goa.

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Sesa Goa has extractable reserves of around 200 million tons in three Indian states and sold close to 10 million tons of iron ore in the fiscal year that ended in March.

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Billionaire Anil Agarwal, who owns 54% of U.K.-listed Vedanta and serves as its chairman, pipped Lakshmi Mittal and Kumar Mangalam Birla of the Aditya Birla Group to acquire Sesa Goa, which was founded in 1954 and is based in the western Indian state of Goa.

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