Page 3 - Vedanta Group

Vedanta gets secured creditors' nod for demerger into six companies

Agarwal tried unsuccessfully to take Vedanta private in 2020, his latest attempt to trim down parent company's debt last year by getting its unit, Hindustan Zinc, to buy some of firm's zinc assets

HZL market cap up nearly 477 times to Rs 2.8 trn, says Chairperson Hebbar

Vedanta group firm Hindustan Zinc Ltd (HZL) on Monday said its market capitalisation grew by nearly 477 times to reach about Rs 2.8 lakh crore from Rs 600 crore two decades ago. Speaking during the 58th Annual General Meeting on Monday, the company's Chairperson Priya Agarwal Hebbar said Hindustan Zinc's market capitalisation at about Rs 2.8 lakh crore is the highest among all metal and mining peers in the country. "This marks a growth of nearly 477 times in market capitalisation from a mere Rs 600 crore two decades ago," she said. In FY24, she said, the company achieved significant improvements in its operational efficiencies and saw a remarkable reduction in the cost of production. "We advanced into the first decile of the cost curve and recorded the lowest annual production cost in the past three years at USD 1,117 per tonne," she said. Hindustan Zinc is the world's second-largest integrated zinc producer and the third-largest silver producer. The company supplies its products

Vedanta's Agarwal urges govt to privatise gold mining to boost production

After the budget, top government officials clarified that the government's strategy goes beyond privatisation and the aim now is to create value of the government owned companies

Vedanta's Hindustan Zinc contributes Rs 13,195 cr to exchequer in FY24

Vedanta group firm Hindustan Zinc Ltd (HZL) on Monday said it has contributed Rs 13,195 crore to the exchequer in the last financial year, representing about 46 per cent of its total revenues. In FY 2023-24, Hindustan Zinc's total contribution to the exchequer stood at Rs 13,195 crores, the Vedanta group firm said in a regulatory filing. With this, HZL's cumulative contribution to the exchequer over the past five years stood at Rs 77,803 crore. "As our businesses grow, so will these numbers. At Hindustan Zinc, we are committed to continuing to do business with a purpose in a manner that is sustainable, transparent and creates value for all our stakeholders," Hindustan Zinc Chairperson Priya Agarwal Hebbar said. Over the past five years, that company has consistently contributed an average of approximately Rs 3,250 crore per year to Rajasthan in the form of royalties, contributions to the District Mineral Foundation (DMF), and other levies. "This substantial contribution underlines

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal

Vedanta announced it will demerge into six different, listed entities - Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd

Vedanta to raise $120 million by issuing non-convertible debentures

In the past two months, Vedanta's board has already approved raising up to $300 mn through debentures

Over 50 high-impact growth projects to help Vedanta achieve $10 bn Ebitda

Mining conglomerate Vedanta Group's strategic roadmap to a USD 10 billion near-term EBITDA will be powered by timely execution of over 50 high-impact growth projects, including those in zinc, aluminum, oil and gas and power businesses. These projects are at an advanced stage of completion, according to a powerpoint presentation made to more than 45 fund managers and analysts, who were on a site visit organised by the Vedanta Group. Vedanta's aluminum business has projects underway to achieve 3.1 million tonnes per annum of integrated supply. It sits in the first quartile of the global cost curve, with the cost of production at multi-year lows -- USD 1,711 per tonne -- with a 100 per cent vertically integrated supply chain. The business has a 2x strong demand outlook with India's domestic market set to double every five years, it said. Vedanta's zinc business produces 1.2 million tonnes of zinc metal at the cost of USD 1,000 per tonne while silver volumes are at 800 million tonnes a

Vedanta arm WCL to invest $2 bn for Liberia's socio-economic development

Vedanta Sesa Goa on Friday said that its arm Western Cluster Ltd (WCL) is planning to pump in USD 2 billion for the socio-economic development of Liberia, West Africa. WCL is a wholly-owned arm of Bloom Fountain Ltd, which is a wholly-owned subsidiary of Vedanta Ltd. "Western Cluster Ltd...a key player in Liberia's mining sector, is set to act as a catalyst to Liberia's growth trajectory charted by the new government as it plans to invest USD 2 billion to propel socio-economic development in the region," the company said in a statement. WCL's ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities. Since its inception in 2011, WCL has invested over USD 300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects. "We...aim to act as a catalyst to unlock Liberia's economic potential and

India on mission to become leading producer of critical minerals: Agarwal

India is on a mission to become the world's leading and the most sustainable producer of critical minerals, Vedanta group firm Hindustan Zinc's Chairperson Priya Agarwal Hebbar has said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. Critical minerals are particularly in demand for the production of batteries for electric cars. Speaking at Bank of America Securities Global Metals, Mining and Steel Conference 2024 in Miami recently, Hebbar said the mining and metals sector will play a crucial role in helping the world meet the net-zero goals. "We take our role as champions of India's natural resources very seriously and we are well positioned to capitalize on this economic growth," Hebbar, who is also Vedanta Director, was quoted as saying in a statement on Saturday. The mining and metals sector holds the key to unlock the future. The transition to .

Govt to take decision on Hindustan Zinc OFS after testing mkt: Mines secy

The government is committed to offloading its stake in Vedanta group firm Hindustan Zinc through offer for sale (OFS) and will take the decision on this after testing the market, mines secretary V L Kantha Rao said on Monday. The government, the largest minority shareholder in Hindustan Zinc, owns a 29.54 per cent stake in the company. "We are committed to OFS," Rao said on the sidelines of an event here. The statement comes after the mines ministry rejected Hindustan Zinc Ltd's demerger plan. "Demerger, anyways, we have not agreed," the mines secretary said. When asked to comment on when the offer for sale company is expected, Rao said, "There is no point doing OFS when the market is not ready. Let me test the marketdo the roadshow and then we will decide." The Supreme Court in 2021 allowed the government to disinvest its residual stake in Hindustan Zinc in the open market. Earlier, Hindustan Zinc had said that it will continue to engage with the Centre on its proposal to split

Vedanta Q4 results: Net slips 27% to Rs 1,369 crore on Tuticorin impact

Expects steel asset divestment by September, demerger of businesses on track for completion in cy24, said executives

Vedanta firm Hindustan Zinc becomes 3rd largest silver producer globally

Vedanta group firm Hindustan Zinc on Thursday said it has become the third largest producer of silver globally. As per a survey, its Sindesar Khurd Mine in Rajasthan now stands as the world's second largest silver-producing mine, moving up from last year's fourth spot, the company said in a statement. Silver plays a pivotal role in the global energy transition and Hindustan Zinc's production growth of 5 per cent year-on-year is attributed to increased ore production and enhanced grades, reinforcing its status as a key player in the global silver market, Hindustan Zinc Chairperson Priya Agarwal Hebbar said. Hindustan Zinc, a Vedanta Group company in zinc, lead and silver businesses, is the world's second largest integrated zinc producer and now the third largest silver producer. The company has a market share of 75 per cent of the growing zinc market in India with its headquarters in Udaipur along with zinc, lead mines and smelting complexes spread across Rajasthan.

Vedanta Group mandates JPMorgan to arrange $300 million India bond

A Vedanta spokesperson said the group continues to exercise refinancing and capital-raising activities from diverse sources as it seeks to improve its debt and cash profile

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 3,400 crore rupees

Ex-BofA veteran overseeing Vedanta Group's restructuring steps down

Davis, who was named as president for strategy at Vedanta Resources Ltd. last year, was working closely with the group's lenders and shareholders

Vedanta gains 14% in five sessions. Here are four factors fuelling rally

Commodity major's stock has hit its highest level since February 2023

Industry urges Supreme Court review on the Sterlite Copper verdict

Additionally, at the corporate level, it is a huge loss to Vedanta. On the other hand, protesters say that the Supreme court is unlikely to reconsider its reopening

Aluminium makers race to cut costs through green power, captive mining

Ramp up in captive coal production could also help National Aluminium Company, known to be one of the lowest-cost producers of alumina, to register further reduction in costs

SC dismisses Vedanta's plea against closure of copper plant in Thoothukudi

The Supreme Court on Thursday dismissed a Vedanta group's plea against the closure of its copper smelting plant in Tamil Nadu's Thoothukudi. The plant has been closed since May 2018 after 13 people were killed as police opened fire to quell a protest over alleged pollution caused by it. A bench headed by Chief Justice D Y Chandrachud said the health and welfare of residents of the area is a matter of "utmost concern" and the state government is responsible for preserving and protecting their concerns. " we have come to the conclusion that the Special Leave Petition (SLP) by the industrial unit shall not warrant interference under Article 136 of the Constitution. For the above reasons, the SLP shall stands dismissed," the bench, also comprising justices J B Pardiwala and Manoj Misra, said. The Madras High Court had in August 2020 rejected Vedanta's plea for allowing reopening of its Sterlite Copper unit.

Unclear violation in Sterlite Copper shutdown affects investment, says SC

Closure of an industry, without specifying the violation in "clearer terms", affects the investment made in the company, the Supreme Court said on Thursday while hearing Vedanta group firm Sterlite Copper's plea against shutting down of its smelting plant in Tamil Nadu's Thoothukudi. While making it clear that a company has to comply with the existing laws and environmental norms, a bench headed by Chief Justice D Y Chandrachud said authorities have to specify the violations for closing down an industry. Senior advocate C S Vaidyanathan, appearing for Tamil Nadu, clarified that the state has not closed down the copper plant but only denied it the consent to operate over environmental concerns. "A company cannot say that it will only comply with those provisions which are pointed out by the authorities. It has to comply with the Water (Prevention and Control of Pollution) Act or whatever law applicable. But when you close down an industry, you cannot say you violated unspecified ...