Page 2 - Vedanta Group

Hindustan Zinc to invest ₹12,000 crore for new smelter in Rajasthan

Hindustan Zinc said that the new smelter and associated expansions are expected to be completed within 36 months. The investment will be funded through internal accruals and debt

Hindustan Zinc declares Rs 10/share interim dividend, totalling Rs 4,225 cr

Vedanta group firm Hindustan Zinc Ltd on Wednesday declared an interim dividend of Rs 10 per share, amounting to Rs 4,225 crore for the current fiscal year. The decision was taken at the company's board meeting, according to a BSE filing. "The board of directors of the company, through a resolution passed by circulation on Wednesday... has approved the first interim dividend of Rs 10 per equity share i.e. 500 per cent on face value of Rs 2 per equity share for the financial year 2025-26," it said. In the last fiscal year, the Hindustan Zinc distributed dividends to the tune of Rs 12,250 crore, the company said in a statement. "This was through two dividends of Rs 19 and Rs 10," it said. Hindustan Zinc is among the high-dividend-yield large-cap metal companies. With the first interim dividend for FY26, the dividend receipts for the government total nearly Rs 1,180 crore, it said. The company contributes nearly 35 per cent of the declared dividend to the government treasury, includ

Vedanta Resources weighs Zambia copper IPO to fund $1 billion investment

Vedanta has pledged to invest $1 billion in the operation as part of negotiations with the state to secure its return to Konkola copper mines

Hindustan Zinc Q4FY25 results: Net profit rises 47.4% to ₹3,003 crore

The zinc and silver producer's total revenue from operations jumped by 20.4 per cent to ₹9,087 crore in the January-March quarter on a year-on-year (Y-o-Y) basis

Vedanta fined Rs 71 crore for illegal fly ash disposal in Odisha

Vedanta group firm Hindustan Zinc Ltd (HZL) has said that State Pollution Control Board, Odisha, has asked it to deposit a compensation of Rs 71.1 crore for unauthorised disposal of fly ash. Fly ash is a fine, powdery waste material created when coal is burned in power plants. "The issue pertains to allegation for unauthorised disposal of fly ash. The Member Secretary requested the company to deposit the environmental compensation of Rs 71,16,53,320," Vedanta has said in a filing to BSE. It said it intends to take legal recourse in the present matter before the appropriate forum. "The company is hopeful of a favorable outcome thereof and does not expect the said Order to have any material financial impact on the company," the filing said. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, le

Vedanta seeks global partner for $20 bn expansion across key segments

Mumbai-listed mining conglomerate Vedanta Ltd is hunting for a global partner for its USD 20-billion expansion projects spanning multiple segments. The company, in a statement, said the move aligns with Vedanta's strategic plans to significantly expand its operations over the next three years, as it restructures into four entities-- Vedanta Aluminium, oil and gas, power, and iron and steel. "We are looking for an experienced global engineering company with experience in engineering, procurement and construction management (EPCM) to implement our projects acting as an extended office to us," as per the Expression of Interest (EoI) on the company's official LinkedIn page. Further, the company said it will spend USD 20 billion on growth projects in metals and mining and hydrocarbons in the next three years. These projects are extensions of its existing operations, the company added. "The interested companies are invited to submit" their relevant experience, profile and current projec

Moment to unleash new generation of entrepreneurs, says Anil Agarwal

Despite India's immense natural wealth, he pointed out that 60 per cent of the country's imports are driven by natural resources such as oil, gas, gold, copper, and diamonds

Vedanta repays $900 mn loan, deleverages balance sheet by $550 mn

The loan, taken by subsidiary THL Zinc Ventures in May 2023 at 13.9 per cent interest, was partly repaid using funds from Vedanta's $1 billion June 2024 QIP

Vedanta to invest Rs 50,000 cr oil, gas in Assam, Tripura over 3-4 yrs

Mining major Vedanta Group chairman Anil Agarwal on Tuesday announced that it will pump in Rs 50,000 crore in Assam and Tripura's oil and gas sector over the next 3-4 years. Speaking at the inaugural function of the Advantage Assam investment summit here, he said group firm Cairn Oil & Gas has already invested around Rs 2,500 crore in the two states of the northeast region. "Assam has abundant natural resources and potential to become the world's mega basin. We are poised to play a pivotal role in Assam's sustainable growth and development," he said. Agarwal said that the company has firmed up plans to "invest Rs 50,000 crore in Assam and Tripura's oil and gas sector over the next 3-4 years". "With such an investment, we will produce 1,00,000 barrels of oil and gas per day, making the region a dominant hydrocarbon hub. It will also create direct and indirect employment opportunities for 1 lakh youths," he added.

Vedanta creditors to meet on Feb 18 for final vote on demerger plan

Both secured and unsecured lenders will discuss the much-awaited overhaul plan on Feb 18 and vote on it, according to a statement from the company

Analysts eye up to 53% upside in Vedanta share after Q3; CLSA ups target

The main drivers for Vedanta's positive outlook cited by analysts include strong performance in the aluminium, zinc, and oil segments, cost management efforts, and the ongoing capex plans

Hindustan Zinc Q3FY25 results: Net profit rises 32% to Rs 2,678 crore

Vedanta group firm Hindustan Zinc Ltd on Tuesday reported a 32 per cent rise in consolidated net profit at Rs 2,678 crore for the quarter ended December 31, 2024 on the back of higher income. The company had posted a net profit of Rs 2,028 crore in the year-ago period, Hindustan Zinc said in a regulatory filing. The consolidated income of the company in the October-December period rose to Rs 8,832 crore, over Rs 7,606 crore in the year-ago period. The total expenses of the company during the third quarter rose to Rs 5,305 crore, from Rs 4,937 crore in the corresponding quarter of the previous fiscal. "Profit after tax for the quarter stood at Rs 2,678 crore, up 32 per cent Y-o-Y and 15 per cent Q-o-Q in line with the higher EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)," the company said in a statement. The total revenue from operations during the quarter was at Rs 8,614 crore, up 18 per cent Y-o-Y driven by higher zinc and silver prices and strong ...

Vedanta creditors likely to meet in February to approve business split

Vedanta plans to divide its business into units focused on aluminum, oil & gas, power, steel and finally semiconductors, which will be left in the original business with electronics and copper assets

Vedanta plans to invest $500 mn in display glass maker AvanStrate Inc

Metals and mining giant Vedanta Ltd is planning to invest close to USD 500 million in its display glass unit AvanStrate Inc, the company said on Monday. Vendanta Group has expressed interest in setting up a display semiconductor manufacturing unit in India. "Vedanta Limited is planning to invest close to USD 500 million (about Rs 4,300 crore) in its group company, AvanStrate Inc. (ASI), a leading global display glass manufacturer that is now fully managed by Vedanta Limited," it said in a statement. The company plans to make this strategic investment to drive innovation and expansion within ASI, strengthening its focus on research and development, as well as manufacturing capabilities and product offerings to cater to the growing global demand for advanced display glass solutions, the statement said. "This strategic investment from Vedanta Group is reflective of our clear and definitive shift in focus toward significant growth-oriented projects. We are confident that ASI's ...

Vedanta keeps cost guidance unchanged, pushes capital expenditure pedal

Anil Agarwal, in a shareholder message, highlights doubling of capacities across its key businesses

Vedanta board to meet on Oct 8; consider, approve 4th interim dividend

Mining major Vedanta Ltd on Wednesday said its board will meet on October 8 to consider and approve the fourth interim dividend for 2024-25. The record date for the purpose of determining the entitlement of the equity shareholders for the fourth dividend, if declared, is being fixed as October 16, 2024, the mining conglomerate said in an exchange filing. So far, the Anil Agarwal-led entity has approved a total dividend of Rs 13,474 crore for 2024-25. On September 2, the company's board approved the third interim dividend of Rs 20 per share for the current financial year, taking the total dividend payout for FY'25 to Rs 13,474 crore. Vedanta fixed September 10 as the date for the purpose of payment of dividend. Earlier, the board on July 26 had approved the second interim dividend of Rs 4 per equity share for 2024-25 amounting to Rs 1,564 crore. On May 16, the company had approved the first interim dividend of Rs 11 per equity share for FY'25 amounting to Rs 4,089 crore. During 202

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

Vedanta sets Rs 30,000 cr war chest to pursue further deleveraging, growth

Anil Agarwal-led Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources said. Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 crore, will lead to the creation of a Rs 30,000-crore war chest after the company receives all the funds, sources said. Vedanta may deploy this war chest for accelerated deleveraging of its balance sheet, improving capital structure, development of its transformational projects paving the way for its near-term USD 10-billion dollar EBITDA target and pursuing inorganic opportunities, an analyst said. Vedanta continued to deliver strong quarterly numbers. For the first quarter, profit after tax grew 54 per cent year-on-year (YoY) and more than doubled on a ...

US court asks Vedanta-backed Sterlite Tech to pay $96.5 mn to Prysmian

An American court has ordered Vedanta Group-backed Sterlite Technologies' overseas arm to pay USD 96.5 million, about Rs 810 crore, in damages to US-based Prysmian for violating trade secrets norms, according to a regulatory filing and plaintiff's statement. Additionally, the court has awarded USD 200,000 penalty on Stephen Szymanski, Sterlite Technologies Inc (STI) Executive Vice President for Americas Region, for misappropriation of trade secrets of Prysmian. STI is the US subsidiary of Sterlite Technologies (STL) which has contested the judgement and may file an appeal against it. Prysmian in a statement said a South Carolina jury on August 9 ordered in favour of Prysmian following a three-week trial in the district court of Columbia, South Carolina. "The jury found that Sterlite was unjustly enriched by taking Prysmian's trade secrets and awarded USD 96.5 million in damages against Sterlite Technologies, Inc. In addition, the jury found that Stephen Szymanski had been unjustly

Hindustan Zinc Q1FY25 results: Net profit rises 19% to Rs 2,345 cr

Vedanta group firm Hindustan Zinc Ltd (HZL) on Friday reported 19.3 per cent rise in consolidated net profit at Rs 2,345 crore for June quarter FY25. The company had posted a net profit of Rs 1,964 crore for the year-ago period. Income rose to Rs 8,398 crore from Rs 7,564 crore in the year-ago period, HZL said in a filing to BSE. Hindustan Zinc is the world's second-largest integrated zinc producer and the third-largest silver producer. The company supplies to more than 40 countries and holds a market share of about 75 per cent of the primary zinc market in India.