Page 29 - Vedanta

TMS Ep430: Adani & Vedanta, higher pension, capital goods stocks, ONDC

Have Adani and Vedanta turned the corner? Is the promise of a higher pension a chimera? Will capital goods stocks extend their dream run? What is ONDC? All answers here

Vedanta appoints veteran Terry Daly as advisor for semiconductor business

Global conglomerate Vedanta on Tuesday said it has appointed industry veteran Terry Daly as advisor for its semiconductor business

Top headlines: Warren Buffet faults US govt, Vedanta repays $800 mn & more

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Vedanta resources repays $800 million loans to Standard Chartered

The company had paid all loans and bonds due last month, cutting its gross debt to $6.8 billion, it said in a statement in April

Hindustan Zinc bids to buy assets from Vedanta Group for $2.98 billion

Hindustan Zinc proposal to buy certain zinc assets from Vedanta Group for $2.98 billion in cash has lapsed as the Indian miner did not get shareholders' approval within the stipulated time limit

Companies should take care of their employees: Vedanta Chairman on layoffs

Vedanta Chairman Anil Agarwal shared his views on LinkedIn, saying the companies should take care of their employees as they will only take care of their business

Vedanta's Anil Agarwal presses on with plan to raise oil, zinc output

Mining mogul Anil Agarwal is pushing ahead with an aggressive plan to raise oil and gas production, expand output of metals like zinc and aluminum, and foray into semiconductor manufacturing, undeterred by concerns about debt levels at the company. Raised in Patna, Agarwal, who dropped out of school at 15, started his business in Mumbai in 1976 as a scrap-metal dealer. Now he runs a mining and metals empire that spans Britain, India, Africa and Australia. In an interview with PTI, he said mining can help India prosper as tapping into below-the-ground natural resources will not just cut dependence on imports but also create jobs and increase prosperity. Vedanta, the company he founded and is chairman of, has ambitious plans to raise production across the business -- from oil and gas to zinc and aluminum. "We will be producing in two years time 300,000 barrels of oil (and oil equivalent gas) and in 4-5 years' time 500,000 barrels," he said. In the fiscal year that ended March 31, 20

Vedanta chief makes zero debt pledge, says very comfortable servicing debt

Mining mogul Anil Agarwal has said his Vedanta group has ample cash flow to service all its debt repayment obligations and that it aims to become a "net zero debt company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we wi

Plans to buy Zinc International is not called off: Hindustan Zinc CEO

Hindustan Zinc CEO Arun Mishra has said that the plans to buy overseas asset from the company's parent firm Vedanta Ltd has not been called off yet. The Chief Executive officer (CEO) made the remarks during an earnings call. When asked about Zinc International's acquisition and whether the plan is still under works, Mishra replied "Unless we the board passes a resolution withdrawing this, till that time, it is not called off." Zinc International acquisition was a great idea, he said, adding the company's board has also approved the proposal. "...we are working on it, and we still believe that this is something that we must do for the sake of Hindustan Zinc. So, we will see where it ends," the CEO said. The government, which owns about 29.54 per cent stake in HZL, has opposed the company's plan to buy overseas asset of its parent firm Vedanta Ltd. The government has opposed Vedanta Ltd's proposal to sell its international zinc business to HZL for USD 2.98 billion over concerns of

Vedanta Resources cuts gross debt by $1 bn by paying its maturing loans

Vedanta Resources Limited (Vedanta), the parent company of Mumbai-listed mining giant Vedanta Ltd, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years. "Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement. The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022. "During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said.

Top headlines: MPC meet, Tim Cook in India & end of free Twitter blue tick

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Vedanta pledges Rs 3.5K crore in Hindustan Zinc to refinance loans

Pledges 2.44% stake worth Rs 3,500 crore

Metal shares gain in subdued market; Jindal Steel, Tata Steel soar up to 4%

Thus far in the month of April, Jindal Steel has rallied 8 per cent, as against 1.6 per cent rise in the Nifty 50 and 5.7 per cent gain in the Nifty Metal index.

Vedanta expects to start building semiconductor plant by Oct-Dec quarter

Vedanta group is expecting to start building its Rs 1.5 lakh crore semiconductor plant in October-December this year and producing electronic chips by the first half of 2027, senior company officials said on Tuesday. Vedanta Semiconductor and Display business, global managing director, Akarsh Hebbar and Vedanta-Foxconn Semiconductors Limited CEO David Reed in a joint interview with PTI said the group has submitted all the technology tie-ups to the government and banks are comfortable in funding the project cost in the ratio of 70 and 30 (from the company) after adjusting subsidy. "We are planning by the fourth quarter of this year to have the first shovel ceremony. We are working on everything to have revenue by 2027. We would have this start with 5,000 wafers in the first part of 2027. And then, we will incrementally take that up to 40,000 wafers a month," Reed said. He noted that the company will also make 28 nm wafers simultaneously as it will need the same equipment that works f

Vedanta joins 20 Korean display glass firms for manufacturing hub in India

Vedanta Group on Monday said it has signed memoranda of understanding (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India

Boom Up Korea 2023: Come, invest in India urges Vedanta's Akarsh Hebbar

Come, Invest in India Urges Vedanta's Akarsh Hebbar at Boom Up Korea 2023

Stay away from expensive M&As: Lenders to Anil Agarwal's Vedanta

Group cannot take recourse to VRL, Vedanta's books to bid for BPCL

Vedanta board approves plan to raise up to Rs 2,100 crore via NCDs

The committee of directors of mining giant Vedanta Ltd has approved a proposal to raise up to Rs 2,100 crore by issuing non-convertible debentures (NCDs). The proposal was approved on Thursday during a meeting of its Committee of Directors, Vedanta Ltd said in a regulatory filing. "Committee of Directors... on April 13, 2023, considered and approved for raising, on a private placement basis, up to 21,000 numbers secured, unrated, unlisted, redeemable, NCDs of face value Rs 10,00,000/ each aggregating up to Rs 2,100 crore in one or more tranche(s)," it added. It will be issued on a private placement basis, the company said. Vedanta Ltd, a subsidiary of Vedanta, is a diversified global natural resources company.

Odisha: Prohibitory orders in FACOR Vedanta plant after labour unrest

The Bhadrak district administration in Odisha has imposed prohibitory orders under Section 144 of CrPC at the FACOR, Vedanta plant in Randia in the wake of a labour unrest following a fire incident in the unit, an official said. One platoon of armed police has been deployed to prevent any untoward incident. Two contractual labourers suffered severe burn injuries in a fire incident inside the industrial campus of FACOR Vedanta plant on Tuesday. Following this, workers ransacked properties of the plant. They blocked a highway by burning tyres, disrupting traffic for hours. Bhadrak Sub-divisional Magistrate Manoja Patra said prohibitory orders have been imposed inside the Vedanta plant and around 200 meters for two days. The inspector-in-charge of Bhadrak Rural Police Station has been directed to maintain law and order. Meanwhile, the labourers' union of FACOR Vedanta plant lodged an FIR against seven management staffers claiming they were responsible for the fire incident and deman

Top headlines: Vedanta may issue NCDs, IMF cuts FY24 India growth forecast

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