Page 23 - Vedanta

Vedanta boss Anil Agarwal floats plan to consolidate copper assets

Mulls transfer of Zambia copper resources to listed Indian arm

Vedanta Resources gets back ownership, management of copper mine in Zambia

Vedanta Resources Ltd (Vedanta) on Tuesday said it will restart copper operations in Zambia after a government decision in favour of the company. In a statement, the metal and mining giant said: "The ownership and management of Konkola Copper Mines (KCM) has been returned to the company following a historic decision by the Government of the Republic of Zambia". KCM is a world-class asset having reserves of 16 million tonnes of contained copper. It has a copper grade of 2.3 per cent, the company said. Vedanta Resources Chairman Anil Agarwal said, "I welcome the decision of the Government of the Republic of Zambia to reinstate Vedanta at KCM. We have been committed to KCM since 2004 and believe that it is a prized asset in our portfolio". Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated producer of copper and cater to India's fast-growing demand while also making Zambia the leading producer of copper in the world, he ...

Anil Agarwal's Vedanta lobbied to dilute 'green' norms, says OCCRP

Company says representations are submitted for govt's consideration in the best interest of national development

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

Top headlines: Q1 GDP data, core sector output slowed to 8%, and more

Business Standard brings the top headlines at this hour

Stocks to Watch today, Sept 1: RIL, Vedanta, LIC, Five Star Business, Autos

Stocks to Watch today, September 1, 2023: Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the Covid-19 pandemic, the OCCRP said in an article on Thursday

Vedanta seeks to identify its dollar bondholders as $2 billion debt looms

Vedanta has engaged a corporate advisory firm Morrow Sodali to identify owners of notes that mature in January 2024, August 2024 and March 2025, according to a notice sent last week

Vedanta wins arbitration against govt in $1.1 bn cost disallowance case

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of Rs 9,545 crore (USD 1.16 billion) in certain costs incurred, the company said. The government has sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block. As per the contract, companies are allowed to recover all costs incurred before splitting profit in a predetermined ratio with the government. If a certain portion of cost is disallowed, it would result in higher profits and a resultant higher share to the government. Vedanta had challenged such a demand before an arbitration tribunal. "The company has received an arbitration award dated August 23, 2023... upholding the contention of the company that additional

Vedanta considering separate entities for businesses, says Anil Agarwal

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

Indian billionaire Anil Agarwal mulls listing Vedanta businesses separately

The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed

Stocks to Watch: Paytm, Reliance, BEL, Astra Microwave, Vedanta, ADF Foods

Stocks to watch on August 25, 2023: Paytm promoter Antfin is likely to sell a 3.6 per cent stake, or 23 million shares, in the fintech company via block deals today

Vedanta pledges to pay $250 mn to Zambia creditors before retaking mine

The plan to pay all creditors is "to make sure I win the hearts of the people," billionaire Agarwal said in an interview at Bloomberg's Johannesburg office. "Money will never be a constraint"

Vedanta seeks a minimum of $9.5 per mmBtu for gas from its Rajasthan block

Billionaire Anil Agarwal's Vedanta Ltd is seeking a minimum of USD 9.5 for the natural gas it produces from its Rajasthan block, according to a tender floated by the firm for the sale of the fuel. Vedanta sought bids from users for 0.6 million standard cubic meters per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1. Gas extracted from below ground is used to produce electricity, make fertilizer, turned into CNG to fire automobiles, or piped to household kitchens for cooking purposes. In the tender, Vedanta asked users to quote a variable 'P' that they are willing to pay over and above 14.5 per cent of Brent crude oil price. At the current Brent price of USD 84 per barrel, the base comes at USD 12.18 (14.5 per cent of USD 84). Users have to quote a 'P' over and above this price. Gas price will be calculated as lower of Platts LNG WIM (the price of liquefied natural gas delivered on India's west coast) an

Sterlite Copper keeps all doors open for the Thoothukudi plant restart

Sterlite Copper has received 125 bids for the two sets of EoIs it recently floated for contract works

NCLT approves Vedanta's acquisition of Meenakshi Energy at Rs 1,440 crore

Meenakshi Energy holds a substantial coal-based power plant generating 1,000 MW of electricity

Vedanta hits 52-week low; slips 19% in one month

Slower-than-expected ramp up in Ebitda or delayed/lower-than-expected refinancing by VRL resulting in higher-than-expected dividend outlay in FY24, could further reduce cash balance.

Taiwan is and will be India's most trusted partner, says Foxconn CEO

The world's largest electronics maker is keen to show that its India plans are on track. That is understandable because Foxconn needs India as much as India needs Foxconn

Vedanta announces new appointments, advisory board for oil business

John Slaven has been appointed as chief executive officer for the Aluminium Business, also being designated as senior management personnel (SMP), effective from October 3 for a term of 3.5 years

Vedanta looks to refinance $3.8 bn bonds maturing between 2024-2026

Billionaire Anil Agarwal's Vedanta Resources is looking to refinance USD 3.8 billion worth of bonds maturing between 2024 and 2026 with loans of extended maturities and manageable size, a company official said on Friday. The mining conglomerate has about USD 1 billion of bonds maturing in January next year, followed by a similar size coming up for payment in August 2024. Another USD 1.2 billion bonds are due in March 2025 and another USD 600 million in April 2026. "We are looking to put in place a refinancing package that will include deleveraging (some debt), extending maturities and manageable size," said Omar Davis, President Strategy at Vedanta Resources. He did not give details of the refinancing but expressed confidence in being able to achieve well before due maturities. "We want less big towers (size of loans) and longer maturity periods," he said. On Thursday, S&P Global Ratings revised the rating outlook on Vedanta Resources to negative from stable to "reflect the ...