Balco

Govt engaging with Vedanta to facilitate its residual stake sale in BALCO

In 2001, government had disinvested 51 per cent shares of BALCO to Sterlite Industries Limited, a subsidiary of Vedanta Limited

Updated On : 04 Jun 2023 | 7:58 PM IST

Govt holds talks with BALCO for withdrawing arbitration, initiating IPO

The government is looking to sell a part of its residual 49 per cent stake in Balco through a public offer and is engaging with the firm's promoter Vedanta to withdraw arbitration and facilitate stock exchanges listing of the company, DIPAM Secretary Tuhin Kanta Pandey said. The Ministry of Mines and the Department of Investment and Public Asset Management (DIPAM) have held 'preliminary talks' with Vedanta Ltd -- the promoters of erstwhile public sector company BALCO, he said. BALCO has to withdraw a 2009 arbitration case it filed against the government over valuation dispute of the residual stake. "We have talked (with BALCO promoters) at preliminary level. We will engage with them in detail. If we have to do public listing, they (Vedanta) will have to withdraw the case. If they agree then we can move forward," Pandey told PTI. The government wants to sell part of its 49 per cent stake in BALCO in the initial public offering (IPO) before eventually exiting the company. A stock ...

Updated On : 04 Jun 2023 | 12:39 PM IST

Vedanta arm Balco signs pact with SRIPL to source hybrid renewable power

BALCO has entered into an agreement with Serentica Renewables India Private Ltd (SRIPL) to set up a special purpose vehicle to source hybrid renewable power for its aluminium operations in Chhattisgarh. Bharat Aluminium Company Ltd (BALCO) is a subsidiary of mining major Vedanta Ltd. "BALCO has entered into a Power Delivery Agreement (PDA) to source 105 MW hybrid renewable power for its aluminium operations at Chhattisgarh, through Special Purpose Vehicle (SPV) i.e. affiliates of SRIPL," Vedanta said in a regulatory filing. The project will be funded on a 70:30 debt to equity basis and BALCO will own 26 per cent equity in the SPV. The hybrid energy project will be built on a captive model and build own operate basis. The term of the PDA will be for a period of 25 years from the date of commissioning of the project. The SPV is expected to start delivering the power within 24 months of the PDA signing. This will be helpful in securing continuous supply of power through renewable en

Updated On : 04 Apr 2023 | 10:19 PM IST

Vedanta arm Balco wins bid for 900 mn tonne coal block in Chhattisgarh

Vedanta Ltd on Wednesday said that its arm Balco has won the bid for a coal block in Chhattisgarh. The company emerged as successful bidder for the mine during the fourth round of commercial coal mine auction conducted by the government. "The coal block is an optimal fit for Balco, given its logistical location," Vedanta said in a filing to BSE. Once operational, the mine will provide fuel security, enhance power availability, and further strengthen Balco's operations and performance. The block has estimated reserves of 900 million tonnes. Balco was incorporated in 1965 as the first public sector undertaking in the country. In 2001 the Centre disinvested 51 per cent shares of Bharat Aluminium Company Ltd (BALCO) to Sterlite Industries Limited, a subsidiary of Vedanta Limited. The remaining 49 per cent is with the Centre.

Updated On : 19 Oct 2022 | 6:45 PM IST

Vedanta's medical arm ties up with Anuva for cancer research in India

Vedanta's BALCO Medical Centre (BMC), one of India's leading cancer hospitals, and Anuva, a genomics biotech company with a centre in India and backed by a UK-based hub, on Thursday jointly announced a strategic collaboration to build a Cancer Genomics Biobank for cancer research in India. Anuva and BMC aim to use this cancer bio/data bank for clinical research to identify relevant insights for precision medicine application for cancer in India. The companies said the collaboration leverages the strengths of both organisations the clinical expertise of BALCO Medical Centre and Anuva's biobanking and genomic expertise. "This is another milestone in the journey of BALCO Medical Centre towards becoming India's cancer care destination, said Jyoti Agarwal, Chairperson of BALCO Medical Centre. "Our collaboration with Anuva will bring together the best of knowledge, technology and research to serve the people of India better, through precision medicine and targeted treatment, she said.

Updated On : 06 Oct 2022 | 11:12 PM IST

TMC inks MoU with Balco Medical Centre to enable exchange of knowledge

The Tata Memorial Centre (TMC) here has signed a memorandum of understanding (MoU) with Balco Medical Centre (BMC) in Chhattisgarh's Raipur to enable exchange of knowledge, enhancement of skills, capabilities and core practices in cancer treatment. The BMC will gain from the TMC's expertise and decades of experience in cancer treatment to develop best-in-class technical and medical guidance. With this association, the TMC will empanel the BMC as a referral centre for patients from Chhattisgarh and neighbouring states. The BMC will also take part in the National Cancer Grid Virtual Tumour Boards to drive excellence in patient care. The MoU will enable the two institutes to conduct joint or multi-centric research. Speaking on the occasion, TMC director Dr R A Badwe said the institute aims to empower as many centres in India to drive the same vision of excellence in service, research and education. Jyoti Agarwal, chairperson of the BMC, said the two institutes were coming together t