Page 25 - Vedanta

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 ...

Promoter entity Twin Star pares 4.1% stake in Vedanta for Rs 3,983 cr

Billionaire Anil Agarwal-promoted Twin Star Holdings on Thursday divested a 4.1 per cent stake in conglomerate Vedanta Ltd for Rs 3,983 crore through an open market transaction. Following the stake sale, shares of Vedanta tumbled 6.71 per cent to close at Rs 253.90 apiece on the NSE. According to the bulk deal data available with the National Stock Exchange (NSE), Twin Star Holdings Ltd offloaded more than 15.40 crore shares, amounting to a 4.14 per cent stake of Vedanta Ltd. The shares were sold at an average price of Rs 258.55 apiece, taking the aggregate transaction value to Rs 3,983.10 crore. Meanwhile, Copthall Mauritius Investment acquired nearly 8.49 crore equity shares in two tranches and Societe Generale bought more than 2.94 crore shares, amounting to 2.2 per cent and 0.79 per cent, respectively, stake in Vedanta. The shares were purchased at an average price of Rs 258.50 per piece. This took the combined deal size to Rs 2,955 crore.

Vedanta slips 9%, nears 52-week low on huge block deals

Till 09:52 am; around 371.7 million equity shares, which represented 5.6 per cent of Vedanta's total equity changed hands on the NSE and BSE

Vedanta to build its first make-in-India chip within 2.5 yrs: Anil Agarwal

The Vedanta-Foxconn JV was reportedly in talks with ST Microelectronics for a technology tie-up, but that did not materialise

AMD to invest $400 mn in India; Vedanta to start chip making in 2.5 yrs

US chipmaker Advanced Micro Devices (AM) on Friday announced a USD 400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's USD 20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years. Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the chipmaking joint venture with Vedanta, and said it intends to apply for incentives under the government's semiconductor production plan. Vedanta Ltd has lined up partners and will begin a foray into chip-making this year. Speaking at the conference, Foxconn chairman Young Liu said the ecosystem for semiconductors in India is for the "very ...

Have identified world-class tech partner, tying up with them: Anil Agarwal

"For semiconductor we have identified world class partner, we have already identified a world class partner for technology and are in process of tying up with them," he said at SemiconIndia 2023

Confident of meeting debt maturities in FY24: Vedanta CFO Shrivastava

The company is committed to reducing debt as its "high-quality" assets continue to generate a healthy cash flow, Sonal Shrivastava said in a statement. "We are prudent in raising capital"

Vedanta Ltd Q1 net profit falls over 40% to Rs 3,308 cr on lower income

Vedanta Ltd on Friday reported a 40.84 per cent fall in its consolidated net profit to Rs 3,308 crore in the April-June quarter, dragged by lower income. Its "profit after tax before share in profit/ (loss) of jointly controlled entities and associates" was at Rs 5,592 crore in the same period of 2022-23, Vedanta Ltd said in a BSE filing. However, on a quarter-on-quarter, the company's net profit was 5.61 per cent higher over Rs 3,132 crore in the January-March quarter. The company's total income also fell to Rs 34,279 crore from Rs 39,355 crore in the year-ago period. Its expenses were at Rs 31,973 crore as against Rs 32,095 crore a year ago. The company further said Sunil Duggal completes his tenure as the WholeTime Director & CEO of the company effective close of business hours on July 31, 2023. On the recommendation of the Nomination and Remuneration Committee of the Company, considered and approved the appointment of Arun Misra as an Additional Director designated as an ...

Vedanta yet to submit application for chip unit, find partner after Foxconn

Vedanta Group's application for semiconductor manufacturing has become invalid after exit of Taiwanese electronics manufacturing major Foxconn and the company is yet to submit a fresh application, an official source said. According to the source, Vedanta has not shared any information about a new technology partner that it needs to rope in for semiconductor manufacturing. "Vedanta needs to re-apply for semiconductor manufacturing. Meity (Ministry of Electronics and IT) has no information about their new technology partner," the official source said. Vedanta had re-applied under a modified semiconductor plan with Foxconn as joint venture partner. Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the joint venture with Vedanta's USD 19.5 billion chip project and said it intends to apply for incentives under the government's semiconductor production plan. After Foxconn's pull out, Vedanta said it has lined up partners and will begin a foray into ...

Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat

The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added

Foxconn backing out of semiconductor JV credit negative for Vedanta: Report

Taiwan's Foxconn pulling out of a USD 20 billion semiconductor-making venture with Vedanta Ltd is a "credit negative" for the mining conglomerate's UK parent Vedanta Resources, debt research firm CreditSights said on Thursday. Hon Hai Technology Group, also known as Foxconn, earlier this week pulled out of the chipmaking joint venture with Vedanta and said it intends to apply for incentives under the government's semiconductor production plan. Vedanta Ltd on Wednesday said it has lined up partners and will begin a foray into chip-making this year. The chip-making venture was previously parked in units under the parent firm but last week Vedanta Ltd took over the special-purpose vehicles. "Since the semiconductor venture will be now parked directly under Vedanta Ltd (VEDL), we see a higher probability that a good portion of the project funding will come from VEDL," CreditSights, a part of the Fitch Group, said in a note. Foxconn's exit from the joint venture will also result in the

Vedanta to enter semiconductor market this year after Foxconn split

Foxconn separately intends to apply for incentives under India's semiconductor production plan

Will continue investments in India, invested $35 bn till date: Anil Agarwal

Foxconn withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate earlier this week

Sterlite Power bags new orders worth Rs 1,400 cr in March quarter

Sterlite Power on Wednesday said it has bagged new orders worth Rs 1,400 crore during the quarter ended March 31, 2023. The set of orders, won across domestic and international markets, have strengthened the company's solutions business unit's order book to Rs 5,200 crore during FY23, Sterlite Power said in a statement. Sterlite Power has secured multiple new orders worth Rs 1,400 crore across its 'solutions' business that caters to products and specialized EPC (engineering, procurement and construction), during the last quarter of FY 2023," it said. Major orders secured during the January-March quarter are for upgrading transmission projects and supply of high-performance products. The company said it has bagged a major order from PowerGrid Corporation to upgrade/uprate its 400 kV Jharsuguda/Sundargarh - Rourkela line, to deploy its reconductoring solution. In addition, Sterlite Power would be building 220kV double circuit transmission lines for Serentica Renewables. In product

Foxconn-Vedanta deal off: What went wrong & what next for India's semiconductor dream

Recently, the highly anticipated partnership between Vedanta and Foxconn to establish a $19.5 billion semiconductor manufacturing plant in Gujarat, India, came to an unexpected halt. >

Memory chip giant SK Hynix considering setting up packaging plant in India

Samsung and SK Hynix are key players in the global sales of dynamic random-access memory (RAM) chips