Page 4 - Vedanta Group

Vedanta Resources makes upfront payment of $779 mn to bondholders

Metals and mining giant Vedanta Resources Ltd on Friday said it has made an upfront payment of USD 779 million to its bondholders and completed repayments as part of the debt restructuring exercise. The upfront payment to the bondholders was made on Wednesday, Vedanta Resources Ltd (VRL) said in a statement. VRL has completed repayments to its bondholders on February 7, 2024, in line with the consents it received earlier in the year in which maturities of USD 3.2 billion in bonds were successfully extended to 2029, the statement said. "Vedanta Resources has successfully made an upfront payment of USD 779 million in cash on February 7 to bondholders to redeem a portion of the bonds, and extend their maturities," the company, promoted by billionaire Anil Agarwal, said. It has also paid a consent fee of USD 68 million to the bondholders who had agreed to the restructuring, the company said. Vedanta in January received consent from bondholders to restructure four series of bonds to ea

Vedanta Q3FY24 results: Net profit declines 18%, net sales edges up

Net sales for the company rose 3.8 per cent to Rs 34,968 crore in the same period. The growth in revenue, the company said, was driven by higher sales volume and favourable movement in exchange rate

Vedanta joins global body International Aluminium Institute as member

Vedanta Aluminium on Monday said it has joined global primary aluminium industry body International Aluminium Institute as its newest member. "We are thrilled to be joining the International Aluminium Institute (IAI) towards strengthening our unwavering commitment to advancing sustainability within the aluminium industry. "In this pursuit, we are also focused on leveraging the latest innovations and technology to enhance our operations," Vedanta Aluminium CEO John Slaven said. Set up in 1972, the current IAI membership includes the leading bauxite, alumina and aluminium companies, globally. Vedanta Aluminium, a business of Vedanta Ltd, is the country's leading producer of aluminium, manufacturing more than half of India's aluminium i.e., 2.29 million tonnes in FY23.

Foxconn submits application for setting up semiconductor unit: MoS IT

Taiwanese electronics manufacturing services company Foxconn has submitted an application for setting up a semiconductor fab in the country, Parliament was informed on Wednesday. Minister of state for electronics and IT Rajeev Chandrasekhar said in a written reply to Lok Sabha that the government has taken several measures to boost electronics manufacturing, including semiconductors, incentivising large investments in electronic goods and appliances, and promote exports. "Foxconn has submitted its application under the "modified scheme for setting up of semiconductor fabs in India" for the establishment of semiconductor fab in the country," Chandrasekhar said. The development comes after Foxconn exited a joint venture (JV) with Vedanta Group to set up a chip plant in India. The JV had plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore. Chandrasekhar said the first semiconductor unit by Micron was approved in June 2023 under the Semicon India .

Vedanta's Hindustan Zinc to give interim dividend worth Rs 2,535 crore

Earlier in July, Hindustan Zinc had announced its first interim dividend of Rs 7 per share

HZL will need approval to create separate business entities: Govt

In a meeting held on September 29, HZL's board had asked the company to explore corporate restructuring and create three separate legal entities for Zinc and lead, silver, and recycling biz

Hindustan Zinc engages advisory firm for study on its plans to spin off biz

Vedanta group firm Hindustan Zinc has engaged a leading advisory firm to study its plans of spinning off business into three separate entities to increase its market capitalisation. Without divulging the name of the advisory firm, Hindustan Zinc Ltd Chief Executive Officer (CEO) Arun Misra said it will submit the report in six to eight weeks, based on which the company will take its next step. In a telephonic interview to PTI, Misra said the current market cap of the company is USD 16 billion but he believes HZL deserves a valuation of USD 25-30 billion. "Perhaps we are unable to expose the full value of Hindustan Zinc because everything is branded under one entity," he said. "We believe if there are three companies -- one dedicated to the cause of silver, one to zinc and lead and one to all kinds of recycling... the three together will have a much higher market cap compared to what one company has," he said. Last month, HZL had said the company's board has decided to undertake a

Vedanta starts demerger process with incorporation of base metal subsidiary

Vedanta Base Metals Ltd has been incorporated to carry out the metal business

Hindustan Zinc's mined metal output drops to 252,000 tonnes in Jul-Sept qtr

Vedanta group firm Hindustan Zinc Ltd on Monday said its production of mined metal dropped marginally by one per cent to 2,52,000 tonnes in the second quarter of the ongoing fiscal. Hindustan Zinc Ltd's (HZL) mined metal production was 2,55,000 tonnes in the second quarter of the previous fiscal. "Mined metal production in the second quarter at 252kt, marginally down YoY and two per cent down sequentially mainly due to lower ore production at Rampura Agucha & Kayad mine partly offset by better overall metal grades," HZL said in a filing to BSE. The company's refined metal output in the second quarter at 2,41,000 tonnes, dropped by two per cent over the corresponding quarter of previous fiscal. "Integrated zinc production at 185kt, down 2 per cent as compared to 2QFY23 and down 12 per cent sequentially. "Refined lead production at 57kt, flat as compared to 2QFY23 and up 12 per cent sequentially on account of pyro plant operations on Lead mode during this quarter," the filing ...

What is OCCRP that has levelled allegations against Adani and Vedanta?

A report published by OCCRP has accused Adani Group of routing investments in its publicly traded stocks through "opaque" Mauritius funds. But what is OCCRP, and why is it accusing the Adani Group

Vedanta lobbied to weaken environmental regulations during pandemic: OCCRP

Vedanta's oil business, Cairn India, also successfully lobbied to have public hearings scrapped for exploratory drilling in oil blocks it won in government auctions, the report said

Vedanta considering separate entities for businesses, says Anil Agarwal

'Investors like pure play,' says billionaire chairman of company that has varied interests

Promoter to sell 4.3% stake in Vedanta to raise $500 mn for debt repayment

The shares will be sold at 5 per cent discount to the closing price of Vedanta at Rs 272 a share

Hindustan Zinc Q1 results: Net profit down 36.5%, as revenue dips 23% YoY

The operating margin for the company's business also saw a downfall from 48 per cent in Q1FY23 to 35 per cent in Q1FY24

Foxconn in talks with TSMC, TMH group to make chips in India: Report

Foxconn, with the two companies, is expected to make both advanced as well as legacy chips in India

With Vedanta JV facing hurdles, Foxconn reaches out to other companies

Foxconn has already held informal discussions with a few companies to explore a potential partnership, including 'two large domestic corporate groups'

Vedanta explores refinancing, brand monetisation for timely debt repayments

To ensure enough funds, Vedanta Limited has increased the percentage of royalty from 2 to 3 per cent beginning this year

Promoters of the group can't dispose of Vedanta shares, says lender

Vedanta stake was pledged from 2020 onwards by the group's promoter Anil Agarwal to raise funds

Anil Agarwal's Vedanta in talks with banks to raise at least $500 million

The group has been depending on money from its units to tackle its debt load, especially after it failed to sell some zinc assets to Hindustan Zinc Ltd for $3 billion

TMS Ep421: Maruti Suzuki results, Vedanta debts, markets, predatory pricing

What makes Maruti tick? Is Vedanta out of the woods? Should investors sell stocks in May and go away? What is predatory pricing? All answers here