Vedanta Oil And Gas Projects

Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law Tribunal (NCLT) after receiving a nod from lenders and is hopeful of completing the process by the end of this fiscal, a senior company official said on Tuesday. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. Speaking with PTI, Vedanta's CFO Ajay Goel said, "There is a very significant development ( on demerger). We have secured all approvals be it secured lenders, BSE, NSE, and SEBI. We have filed the scheme on Monday with NCLT and filing the demerger scheme with NCLT practically is the last step." Now the proposed demerger, he said, will be a reality "very soon". "Our last commitment of demerger getting closed is by the end of this fiscal and we are very much on track," he explained. A few d

The SC has been hearing a dispute between Vedanta and the federal government related to an extension of the production-sharing contract for the Barmer asset in the western state of Rajasthan

While the stake sale talks could resume when oil prices stabilise, Vedanta may also explore other fundraising options to reduce its debt, people in the know said.

Vedanta Ltd is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore

The recent spurt in global crude oil prices has resulted in Vedanta, the metals and mining major, putting its development and exploration projects on a fast track but issues of cess and higher profit petroleum continue to be a concern.Indian benchmark crude oil touched $61.54 a barrel on Thursday. Speaking to Business Standard, Sudhir Mathur, newly appointed chief executive for the Cairn oil and gas business at Vedanta, said, "We have started investing in a $1-billion programme which we expect to yield about 100,000 barrels of oil in the next 18-20 months. When oil prices go up, it allows us to take more risks. We had earlier decided to work on sweet spots first." Mathur said when oil prices started sliding, it was challenging and industry across the world went into despondency. "We had projects but they were viable at a $70 price. We took a conscious call to bring down our cost to $5-6 (a barrel) and rework the projects. The only project that went on was the Mangala enhanced oil ...