Vedanta, a conglomerate in mining and metals, has seen a surge in its share price on the back of multiple triggers. Its demerger appears to be on track, a strong non-ferrous commodity cycle is boosting margins, and silver bulls are interested in Hindustan Zinc, its subsidiary.
Of these 2,500 are directly employed and 4,500 indirectly.
Soon after stalling Vedanta's proposed bauxite mining project in Orissa, the Environment Ministry on Tuesday said the licence granted to mining firms supplying the mineral to its alumina refinery is under scanner.
The Vedanta group's Rs 3,600-crore (Rs 36 billion) alumina refinery in Orissa's Kalahandi district is likely to clear the final hurdle soon.
Vedanta Aluminium has been struggling to source sufficient bauxite to feed the 1 million tpy alumina refinery since its commissioning in August 2007.
Vedanta Aluminium is sourcing half of its bauxite requirement from Bharat Aluminium Company's mines.
VAL, a unit of London-listed Vedanta Resources, has about 550 employees. It closed down the 1-million-tonne per year refinery exactly two weeks ago due to a shortage of bauxite, the key raw material used to produce alumina.
All the 12 gram sabhas held in July-August last year had unanimously expressed opposition to the mining operation in the hills saying it would violate their social, cultural and religious rights.
The Anil Agarwal promoted Vedanta Aluminium (VAL) plans to invest a whopping Rs 60,000 crore in aluminium, alumina and power sector in Orissa by 2013.
The company had entered into a pact with state run miner Odisha Mining Corporation (OMC) to source bauxite from the ecologically fragile Niyamgiri hills with deposits of around 70 million tonne.
Given the serious allegations against the firm, did these members of the board fail in their duty to safeguard the interests of stakeholders?
The plan includes raising the capacity of its aluminium smelter to 2 million tonne, Lanjigarh alumina refinery capacity to 5 million tonne per annum and generation of 4,000 MW power in the state. About 700 small and medium enterprises can come up in the proposed aluminium park. Vedanta will not only supply the metal required for these units, but also supply them power from its 4,000 MW power plant in the locality.
The company shut down its 1-mtpa (million tonnes per annum) alumina refinery at Lanjigarh in Kalahandi district in the state on December 5 due to acute shortage of bauxite to feed its plant.
The next auction for bauxite blocks in Odisha may see heightened interest with Adani Group charting an entry into alumina refining and existing players looking to boost capacity. Hemant Sharma, principal secretary, Odisha industries department, said that three bauxite blocks have been scheduled for auctions this year. Adani Group - which will be setting up a 4-MMTPA alumina refinery and may enter aluminium production - is expected to bid for mines, though raw material linkages shall be available from Odisha Mining Corporation (OMC).
The company aims to make Lanjigarh refinery the first zero-based refinery in the world.
Celebrations, of course, will happen when Congress scion, Rahul Gandhi, who anointed himself as the 'sepoy of Niyamgiri tribals in Delhi' at a public meeting here in 2008, visits the area again shortly.
Sourcing bauxite from other states to add Rs 600 crore to cost.
There is little doubt that the Dongria Kondhs are facing their biggest challenge. Being small in number, they need special attention and care in order to fight this deadly virus.
The Supreme Court on April 18 ordered the villagers be provided with basic forest rights in form of the land titles
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
All this is happening at a time when aluminium prices in the world market are firming up.
'Interim Budget has ignited the entrepreneurial spirit.'
Of 22 eligible voters in the village, 19 persons -- 12 women and 7 men -- attended the gram sabha, despite heavy rains to voice their opposition to the project. Tadijhola, located on the foothills of Niyamgiri, is predominantly inhabited by the milkmen community.
Verdict to decide fate of Vedanta Aluminium's Rs 40,000-cr projects in Odisha that will source bauxite from Niyamgiri.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
A large chunk of the Rs 8.8 lakh crore of investments the Patnaik government had attracted is in uncertain territory.
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