Anil Agarwal Vedanta

Vedanta sets Rs 30,000 cr war chest to pursue further deleveraging, growth

Anil Agarwal-led Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources said. Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 crore, will lead to the creation of a Rs 30,000-crore war chest after the company receives all the funds, sources said. Vedanta may deploy this war chest for accelerated deleveraging of its balance sheet, improving capital structure, development of its transformational projects paving the way for its near-term USD 10-billion dollar EBITDA target and pursuing inorganic opportunities, an analyst said. Vedanta continued to deliver strong quarterly numbers. For the first quarter, profit after tax grew 54 per cent year-on-year (YoY) and more than doubled on a ...

Budget 2024: FinMin announces Critical Mineral Mission; what we know so far

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the government will soon conduct the first round of offshore mineral auction round under the Critical Mineral Mission

Vedanta Resources pays $246 mn dues to revive operations at Zambian mine

The miner, owned by billionaire Anil Agarwal, had in November 2023 regained control of the copper mines and smelter

Vedanta group chairman Agarwal, Odisha CM discuss areas of collaboration

Vedanta group on Saturday said its Chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi and discussed new areas of collaboration to accelerate the state's transformative journey and enhance its industrial development. During the meeting, Agarwal reiterated the group's commitment to the progress of the state, Vedanta said in a statement. The discussion focused on identifying new areas of collaboration that could further accelerate Odisha's transformative journey, enhancing the state's industrial and socio-economic development, it said. "My meeting with Majhi Ji was highly productive, and we discussed our shared vision for Odisha's growth. Under his capable leadership, our longstanding partnership will continue to thrive, driving the state to greater heights," Agarwal said. Vedanta group has made significant investments in Odisha, amounting to more than Rs 1 lakh crore. This is the conglomerate's largest ever investment anywhere in the world. These investments have led

Court approves billionaire Anil Agarwal's plan to reclaim Zambia mine

To get access to the mine again, Vedanta now needs to follow the court ruling by releasing $250 million to settle debts that KCM owes to contractors and suppliers

Vedanta Q3FY24 results: Net profit declines 18%, net sales edges up

Net sales for the company rose 3.8 per cent to Rs 34,968 crore in the same period. The growth in revenue, the company said, was driven by higher sales volume and favourable movement in exchange rate

Vedanta Resources secures debt refinancing worth $1.25 billion: Report

Earlier on Thursday, S&P Global Ratings downgraded Vedanta Resources Ltd's long-term issuer rating and bonds from "CCC" to "CC" on potential extension of bond maturities

How a debt iceberg might turn resources titan Vedanta into Titanic

A corporate presentation notes the "consistent shareholder returns" from more than $11 billion in dividends over the past decade

Vedanta gains 4% as board approves to split firm's biz into 6 companies

The company on Friday after market hours announced its plan to demerge its existing business verticals into six independent 'pure play' companies.

Vedanta boss Anil Agarwal floats plan to consolidate copper assets

Mulls transfer of Zambia copper resources to listed Indian arm

With Vedanta JV facing hurdles, Foxconn reaches out to other companies

Foxconn has already held informal discussions with a few companies to explore a potential partnership, including 'two large domestic corporate groups'

Windfall Tax: Vedanta cuts $91 mn from govt's gains to make up for tax paid

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy companies. But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as violation of the contract which provides fiscal stability. The SAED initially was Rs 23,250 per tonne (USD 40 per barrel) and in fortnightly revisions brought down to Rs 3,500 per tonne. This is in addition to the 10-20 per cent royalty on price of oil and gas realised and an oil cess of 20 per cent. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from sale of oil and .

Vedanta cuts net debt by $2 billion in FY23 as funding woes linger

Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year, the London-based company said in an exchange filing

Vedanta's Anil Agarwal Foundation launches animal welfare campaign

Animal lovers and cattle managers will soon have the opportunity to learn more about the medical status of the strays as well as their live stocks.

Vedanta's Q1 profit tumbles 23.5% as Covid-19 lockdown hurts output, demand

Vedanta's Hindustan Zinc, also Asia's most valuable zinc producer, reported a 23% drop in June-quarter profit on lower prices and production

Vedanta delisting fate to be known next week, price likely at Rs 160-170

The promoter holding currently 50.14%. Under Sebi rules, promoters will have to acquire at least 39.86% stake (1.48 billion shares) from public to ensure successful delisting

Vedanta set to invest Rs 60,000 cr in India over 3 yrs, promises more FDI

The company is also eyeing a top line of USD 30-40 billion and a bottom line of USD 10 million in 4-5 years, Agarwal said at the India Economic Conclave 2019

Anil Agarwal-led Vedanta goes directly to the people to make its case

The Anil Agarwal-led company follows an increasingly popular route to advocacy, goes directly to the people to make its case

US protectionism: Indian govt needs to do a Donald Trump, says Anil Agarwal

Some of the metal is being imported in the form of scrap. Aluminium and scrap should have the same duty if its production has to be encouraged, said Vedanta group Chairman