Page 2 - Vedanta Group

Vedanta arm WCL to invest $2 bn for Liberia's socio-economic development

Vedanta Sesa Goa on Friday said that its arm Western Cluster Ltd (WCL) is planning to pump in USD 2 billion for the socio-economic development of Liberia, West Africa. WCL is a wholly-owned arm of Bloom Fountain Ltd, which is a wholly-owned subsidiary of Vedanta Ltd. "Western Cluster Ltd...a key player in Liberia's mining sector, is set to act as a catalyst to Liberia's growth trajectory charted by the new government as it plans to invest USD 2 billion to propel socio-economic development in the region," the company said in a statement. WCL's ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities. Since its inception in 2011, WCL has invested over USD 300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects. "We...aim to act as a catalyst to unlock Liberia's economic potential and

India on mission to become leading producer of critical minerals: Agarwal

India is on a mission to become the world's leading and the most sustainable producer of critical minerals, Vedanta group firm Hindustan Zinc's Chairperson Priya Agarwal Hebbar has said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. Critical minerals are particularly in demand for the production of batteries for electric cars. Speaking at Bank of America Securities Global Metals, Mining and Steel Conference 2024 in Miami recently, Hebbar said the mining and metals sector will play a crucial role in helping the world meet the net-zero goals. "We take our role as champions of India's natural resources very seriously and we are well positioned to capitalize on this economic growth," Hebbar, who is also Vedanta Director, was quoted as saying in a statement on Saturday. The mining and metals sector holds the key to unlock the future. The transition to .

Govt to take decision on Hindustan Zinc OFS after testing mkt: Mines secy

The government is committed to offloading its stake in Vedanta group firm Hindustan Zinc through offer for sale (OFS) and will take the decision on this after testing the market, mines secretary V L Kantha Rao said on Monday. The government, the largest minority shareholder in Hindustan Zinc, owns a 29.54 per cent stake in the company. "We are committed to OFS," Rao said on the sidelines of an event here. The statement comes after the mines ministry rejected Hindustan Zinc Ltd's demerger plan. "Demerger, anyways, we have not agreed," the mines secretary said. When asked to comment on when the offer for sale company is expected, Rao said, "There is no point doing OFS when the market is not ready. Let me test the marketdo the roadshow and then we will decide." The Supreme Court in 2021 allowed the government to disinvest its residual stake in Hindustan Zinc in the open market. Earlier, Hindustan Zinc had said that it will continue to engage with the Centre on its proposal to split

Vedanta Q4 results: Net slips 27% to Rs 1,369 crore on Tuticorin impact

Expects steel asset divestment by September, demerger of businesses on track for completion in cy24, said executives

Vedanta firm Hindustan Zinc becomes 3rd largest silver producer globally

Vedanta group firm Hindustan Zinc on Thursday said it has become the third largest producer of silver globally. As per a survey, its Sindesar Khurd Mine in Rajasthan now stands as the world's second largest silver-producing mine, moving up from last year's fourth spot, the company said in a statement. Silver plays a pivotal role in the global energy transition and Hindustan Zinc's production growth of 5 per cent year-on-year is attributed to increased ore production and enhanced grades, reinforcing its status as a key player in the global silver market, Hindustan Zinc Chairperson Priya Agarwal Hebbar said. Hindustan Zinc, a Vedanta Group company in zinc, lead and silver businesses, is the world's second largest integrated zinc producer and now the third largest silver producer. The company has a market share of 75 per cent of the growing zinc market in India with its headquarters in Udaipur along with zinc, lead mines and smelting complexes spread across Rajasthan.

Vedanta Group mandates JPMorgan to arrange $300 million India bond

A Vedanta spokesperson said the group continues to exercise refinancing and capital-raising activities from diverse sources as it seeks to improve its debt and cash profile

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 3,400 crore rupees

Ex-BofA veteran overseeing Vedanta Group's restructuring steps down

Davis, who was named as president for strategy at Vedanta Resources Ltd. last year, was working closely with the group's lenders and shareholders

Vedanta gains 14% in five sessions. Here are four factors fuelling rally

Commodity major's stock has hit its highest level since February 2023

Industry urges Supreme Court review on the Sterlite Copper verdict

Additionally, at the corporate level, it is a huge loss to Vedanta. On the other hand, protesters say that the Supreme court is unlikely to reconsider its reopening

Aluminium makers race to cut costs through green power, captive mining

Ramp up in captive coal production could also help National Aluminium Company, known to be one of the lowest-cost producers of alumina, to register further reduction in costs

SC dismisses Vedanta's plea against closure of copper plant in Thoothukudi

The Supreme Court on Thursday dismissed a Vedanta group's plea against the closure of its copper smelting plant in Tamil Nadu's Thoothukudi. The plant has been closed since May 2018 after 13 people were killed as police opened fire to quell a protest over alleged pollution caused by it. A bench headed by Chief Justice D Y Chandrachud said the health and welfare of residents of the area is a matter of "utmost concern" and the state government is responsible for preserving and protecting their concerns. " we have come to the conclusion that the Special Leave Petition (SLP) by the industrial unit shall not warrant interference under Article 136 of the Constitution. For the above reasons, the SLP shall stands dismissed," the bench, also comprising justices J B Pardiwala and Manoj Misra, said. The Madras High Court had in August 2020 rejected Vedanta's plea for allowing reopening of its Sterlite Copper unit.

Unclear violation in Sterlite Copper shutdown affects investment, says SC

Closure of an industry, without specifying the violation in "clearer terms", affects the investment made in the company, the Supreme Court said on Thursday while hearing Vedanta group firm Sterlite Copper's plea against shutting down of its smelting plant in Tamil Nadu's Thoothukudi. While making it clear that a company has to comply with the existing laws and environmental norms, a bench headed by Chief Justice D Y Chandrachud said authorities have to specify the violations for closing down an industry. Senior advocate C S Vaidyanathan, appearing for Tamil Nadu, clarified that the state has not closed down the copper plant but only denied it the consent to operate over environmental concerns. "A company cannot say that it will only comply with those provisions which are pointed out by the authorities. It has to comply with the Water (Prevention and Control of Pollution) Act or whatever law applicable. But when you close down an industry, you cannot say you violated unspecified ...

Vedanta Resources makes upfront payment of $779 mn to bondholders

Metals and mining giant Vedanta Resources Ltd on Friday said it has made an upfront payment of USD 779 million to its bondholders and completed repayments as part of the debt restructuring exercise. The upfront payment to the bondholders was made on Wednesday, Vedanta Resources Ltd (VRL) said in a statement. VRL has completed repayments to its bondholders on February 7, 2024, in line with the consents it received earlier in the year in which maturities of USD 3.2 billion in bonds were successfully extended to 2029, the statement said. "Vedanta Resources has successfully made an upfront payment of USD 779 million in cash on February 7 to bondholders to redeem a portion of the bonds, and extend their maturities," the company, promoted by billionaire Anil Agarwal, said. It has also paid a consent fee of USD 68 million to the bondholders who had agreed to the restructuring, the company said. Vedanta in January received consent from bondholders to restructure four series of bonds to ea

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 joins global body International Aluminium Institute as member

Vedanta Aluminium on Monday said it has joined global primary aluminium industry body International Aluminium Institute as its newest member. "We are thrilled to be joining the International Aluminium Institute (IAI) towards strengthening our unwavering commitment to advancing sustainability within the aluminium industry. "In this pursuit, we are also focused on leveraging the latest innovations and technology to enhance our operations," Vedanta Aluminium CEO John Slaven said. Set up in 1972, the current IAI membership includes the leading bauxite, alumina and aluminium companies, globally. Vedanta Aluminium, a business of Vedanta Ltd, is the country's leading producer of aluminium, manufacturing more than half of India's aluminium i.e., 2.29 million tonnes in FY23.

Foxconn submits application for setting up semiconductor unit: MoS IT

Taiwanese electronics manufacturing services company Foxconn has submitted an application for setting up a semiconductor fab in the country, Parliament was informed on Wednesday. Minister of state for electronics and IT Rajeev Chandrasekhar said in a written reply to Lok Sabha that the government has taken several measures to boost electronics manufacturing, including semiconductors, incentivising large investments in electronic goods and appliances, and promote exports. "Foxconn has submitted its application under the "modified scheme for setting up of semiconductor fabs in India" for the establishment of semiconductor fab in the country," Chandrasekhar said. The development comes after Foxconn exited a joint venture (JV) with Vedanta Group to set up a chip plant in India. The JV had plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore. Chandrasekhar said the first semiconductor unit by Micron was approved in June 2023 under the Semicon India .

Vedanta's Hindustan Zinc to give interim dividend worth Rs 2,535 crore

Earlier in July, Hindustan Zinc had announced its first interim dividend of Rs 7 per share

HZL will need approval to create separate business entities: Govt

In a meeting held on September 29, HZL's board had asked the company to explore corporate restructuring and create three separate legal entities for Zinc and lead, silver, and recycling biz

Hindustan Zinc engages advisory firm for study on its plans to spin off biz

Vedanta group firm Hindustan Zinc has engaged a leading advisory firm to study its plans of spinning off business into three separate entities to increase its market capitalisation. Without divulging the name of the advisory firm, Hindustan Zinc Ltd Chief Executive Officer (CEO) Arun Misra said it will submit the report in six to eight weeks, based on which the company will take its next step. In a telephonic interview to PTI, Misra said the current market cap of the company is USD 16 billion but he believes HZL deserves a valuation of USD 25-30 billion. "Perhaps we are unable to expose the full value of Hindustan Zinc because everything is branded under one entity," he said. "We believe if there are three companies -- one dedicated to the cause of silver, one to zinc and lead and one to all kinds of recycling... the three together will have a much higher market cap compared to what one company has," he said. Last month, HZL had said the company's board has decided to undertake a