Page 22 - Vedanta

Byju's CFO quits, rejoins Anil Agarwal's Vedanta to oversee restructuring

Ajay Goel will be returning to Vedanta, which he had quit in April, in time to help with splitting the metals firm into six listed companies, they said

Govt may space out stake sale in Hindustan Zinc for 'best possible options'

Earlier this year, Hindustan Zinc said it could create separate legal entities for its zinc and lead, silver, and recycling businesses to help capitalise on 'distinct market positions'

Vedanta-promoted Hindustan Zinc bets on industrial e-waste recycling

In September, Hindustan Zinc announced it would consider possible options for a separation of its business units into zinc, lead and silver, and recycling

Coal dispatch may exceed one billion tonnes this fiscal: Coal ministry

The coal ministry on Thursday said the dispatch of coal is likely to exceed one billion tonnes in the current financial year. The coal ministry has set a target to produce and dispatch 1,012 million tonnes (MT) of coal to consumers during the ongoing fiscal. "During the second half of the year, the rate of production and dispatch is normally higher than the first half of the year. It is, therefore, expected that this year's dispatch of coal would exceed the one billion tonne mark," the coal ministry said in a statement. During the last financial year, coal dispatch of 500 MT happened as on November 9. During the current year, the 500 MT dispatch mark has been achieved 23 days in advance. "Achieving record high performance, the Ministry has been able to dispatch 500 MT coal as on October 17 2023. Dispatch of 500 MT of coal in 200 days, despite the monsoon season, in the first half of the year, is an outstanding achievement," it said. Out of 500 MT of coal dispatch, 416.57 MT has be

Exploring tie up with Japanese companies for chip plant in Gujarat: Vedanta

Vedanta's Akarsh K Hebbar during Vibrant Gujarat Global Summit roadshow in Japan had said that it is $80 bn opportunity for cos willing to come and invest in electronics manufacturing hub in Guj

Government to exit Hindustan Zinc Ltd, but over an extended period

The residual stake is valued at approximately Rs 40,000 crore at current market prices

SC lists plea of Sterlite copper unit of Tamil Nadu for hearing on Nov 29

The Supreme Court has listed the Vedanta group's plea related to the closure of its Sterlite copper unit in Tamil Nadu's Tuticorin for hearing on November 29. According to an update on the apex court's website, the plea of the Vedanta group firm will be heard on November 29. On October 9, a bench headed by Chief Justice D Y Chandrachud had assured the firm's counsel that it had directed the registrar to allocate "two dedicated dates" for hearing the Vedanta group's plea. "I am well aware of the situation. I have already directed the registrar to allocate two dedicated dates (for hearing)," the CJI had said. The top court had, in May, asked the Tamil Nadu government to take appropriate decisions in pursuance of its April 10 direction by which it had allowed the Vedanta group to carry out the upkeep of its Sterlite copper unit in Tuticorin under the supervision of a local-level monitoring committee. In its April 10 order, the top court had also allowed the evacuation of the remainin

Vedanta incorporates wholly-owned arm to carry out iron, steel biz

Vedanta Ltd on Thursday said it has incorporated a wholly-owned arm, 'Vedanta Iron and Steel Ltd, as part of its demerger drive. The wholly-owned arm was incorporated on Tuesday, and has an authorised capital of one lakh equity shares of Rs 1 each. The move is in line with the company's plan, announced on September 29, to demerge its business, the company said in a regulatory filing. The development comes days after the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value. The main objective of Vedanta Iron and Steel Ltd is to carry out the iron and steel business. Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd.

India Ratings downgrades Vedanta's long term rating from 'AA' to 'AA-'

Ind-Ra consistently takes a consolidated perspective of VDL and its subsidiaries, collectively referred to as the VDL group, owing to their intertwined strategic, operational, and financial ties

JSW Steel, ArcelorMittal in race to buy Vedanta mines, steel assets

Vedanta's ask price for both assets at Rs 10,000 cr

Vedanta incorporates wholly-owned subsidiary to implement demerger scheme

Mining major Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd, to implement the demerger of its five key businesses, including aluminium and oil and gas. "We wish to inform you that a wholly-owned subsidiary of the Company, in the name of 'Vedanta Base Metals Ltd' has been incorporated on October 09, 2023," the company said in a filing to BSE. The unit has been incorporated to implement the demerger scheme that was intimated to the bourses late last month. Mining conglomerate Vedanta Ltd had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value. According to the filing, 100 per cent shareholding of this unit is currently held by Vedanta Ltd. Vedanta Base Metals Limited is a public company incorporated on October 9 and its main object is to carry out the Metal business.

Vedanta starts demerger process with incorporation of base metal subsidiary

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

Vedanta Resources open to changing terms of proposal to delay bond payment

Some bondholders said they wanted more cash up front than what was offered by the company, said some of the people, who asked not to be named because the discussions are confidential

Securities Appellate Tribunal relief for Vedanta in Cairn buyback case

The Securities and Exchange Board of India (Sebi) had issued the order in May 2021 for allegedly flouting buyback regulations

CRISIL Ratings places Vedanta under watch with negative implications

The agency mentioned that the ratings might be downgraded if Vedanta cannot reduce its end-of-year financial leverage to below 2.7 times through the asset monetisation route

Stocks to Watch today: Marico, OMCs, Sheela Foam, Suryoday SFB, defence

Stocks to Watch on Thursday, October 5, 2023: The government, on Wednesday, released the fifth Positive Indigenisation List (PIL) of 98 items which will be procured by the three armed services

Spotlight continues to be on Vedanta's $3 bn debt despite spinoff plan

A streamlined structure could also help Agarwal sell unprofitable or low-growth assets - something the billionaire has long avoided

How a debt iceberg might turn resources titan Vedanta into Titanic

A corporate presentation notes the "consistent shareholder returns" from more than $11 billion in dividends over the past decade

Street gives a thumbs up to Anil Agarwal-led Vedanta's demerger plan

While the holding company discount should reduce and operational flexibility improve, there are still some concerns on the parent's debt

Lenders unlikely to clear Anil Agarwal's Vedanta spinoff in hurry

To scrutinise rationale for recast, structural details, plans for each unit