Page 27 - Vedanta

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 ...

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