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Vedanta
The Andhra Pradesh government has issued a conditional "No Objection Certificate" to Vedanta Limited (Cairn Oil & Gas Division) for drilling 20 onshore wells in Krishna district. According to a recent Government Order, Vedanta Limited (Cairn Oil & Gas Division) has submitted a representation, stating that their firm was awarded the work of development of the Onshore Oil and Gas Field under the Discovered Small Field (DSF) Policy, 2018. Further, they requested to grant a No Objection Certificate (NOC) for drilling wells at 35 locations in the block located in various village limits for Onshore Oil and Gas Development and Production, from the Water Resources Department of Andhra Pradesh, as the Bandar Canal passes through the centre of the proposed block. After careful examination of the matter, the government hereby issues No Objection Certificate' to M/s Vedanta Limited (Cairn Oil & Gas Division), Mumbai, for drilling 20 Nos. of wells at the locations mentioned at para ...
"Dividend is in my blood," Vedanta Group chairman Anil Agarwal said, reaffirming commitment to shareholder payouts alongside pursuing the group's planned USD 20 billion expansion across businesses even after the proposed demerger. The demerger of metals-to-oil conglomerate Vedanta Ltd into separate listed entities is designed to sharpen focus, unlock value and keep cash returns flowing without interrupting its capital expenditure cycle, he told PTI in an interview. The National Company Law Tribunal (NCLT) on Tuesday approved the plan to split Vedanta into five different listed entities. After the demerger, the base metals business will be housed in Vedanta Ltd, while Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron and Malco Energy housing oil and gas business will be the other four listed entities. "Dividend is in my blood," he said. "No matter what happens, there will always be a dividend payout by our companies." Vedanta remains one of India's top dividend-yielding
S&P Global Ratings has upgraded its rating outlook on Vedanta Resources to 'positive' from 'stable'. In a statement, the rating agency said it has also affirmed the issue rating of 'B' on the Vedanta Resources' senior unsecured notes. S&P has cited factors like a timely ramp-up of Vedanta Resources' recently commissioned facilities in the aluminium business, which will improve the company's cost structure and support its earnings and cash flow. It has also noted the lower interest expenses at the holding company level, that will aid in deleveraging the balance sheet. "The positive rating outlook reflects the potential for an upgrade if Vedanta Resources continues its track record of reducing debt at the holding company and operating at a lower consolidated leverage, even as it pursues growth opportunities. "This could materialise as the company improves its cost structure from deeper backward integration. In our base case, we see a path for the company's FFO-to-debt (funds ...
Adani Enterprises Ltd is likely to emerge as the highest bidder to acquire Jaiprakash Associates Ltd (JAL) through insolvency process as its offers to pay acquisition amount in two years have been found better than Vedanta's bid to make payments in five years, sources said. In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road. Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction process. Later, the lenders held negotiations with these five players to enhance the bid value and maximise realisation. On October 14, these five bidders submitted fresh signed resolution plans in sealed envelopes. According to sources, the committee of creditors (CoC) of JAL met last week to deliberate on these comprehens