The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
The government of Odisha is likely to appeal to the Supreme Court against the decision by the central government in New Delhi to halt the bauxite mining project being undertaken by Vedanta Resources in the Niyamgiri area of the state.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
The Plan panel on Wednesday said the government's refusal to accord environment clearance to Vedanta's proposed $1.7 billion aluminium project in Orissa would not tarnish India's image as an investment friendly destination.
Vedanta Resources, the UK-listed mining group, is planning to invest $20bn in India in the next four years to expand its metals, mining and electricity generation operations in the country.
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.
Verdict to decide fate of Vedanta Aluminium's Rs 40,000-cr projects in Odisha that will source bauxite from Niyamgiri.
London-listed Vedanta Resources has cut its capital expenditure by $5 billion to counter the sharp fall in prices of non-ferrous metals.
Vedanta Resources, the Indian mining company floated last month, has said copper and zinc production had increased sharply over the last quarter and commodity prices in India had begun to improve.
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.
About 200,000 school children will be benefited through E-Sikshya project, an official said, adding that the project aims at bridging the gap by providing quality E-Content on English, Science, Mathematics and Social Science for the students of standard VI to X, which will be delivered by using a projector.
London-based Vedanta Group said it was not going to apply afresh for 'green' clearance to expand its aluminium refinery project in Orissa's Kalahandi district, even after being advised by the Union environment and forests (MoEF) ministry to do so.
The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure.
The company aims to make Lanjigarh refinery the first zero-based refinery in the world.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
The group also has plans to spend Rs 50,000 crore (Rs 500 billion) on power generation. The London-listed giant will spend Rs 43,000 crore (Rs 430 billion) to enhance its capacity, in addition to its Rs 50,000-crore (Rs 500-billion) plan in power generation.
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 re-opening of the Chinese economy, as it moves away from its zero-Covid policy, could help stabilise commodity prices, according to some of the country's top metal companies. They view this as a positive for demand, at a time when markets such as the US and Europe have been largely weighed down by slowdown concern now. "Most of us in the metals business are hoping the Chinese economy picks up because half of any metal demand, including demand for aluminium, comes from China.
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
Given wild swings, investors are wondering where the metal market is going. There was a strong uptrend in industrial metal through much of the last three years due to fears of supply chain issues - first due to Covid-19 and then due to the Ukraine War. That uptrend broke down as it became apparent that global growth would moderate as inflation rose and Western Europe (the EU plus the UK) went into a near-recession and China was in a rolling lockdown.
This State-corporate 'cooperation' didn't begin with the arrival of the Modi government.
Many of the big licences, contracts, and even environmental clearances for the Adani group had come in the UPA's time, points out Shekhar Gupta.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
The doubling of Clean Energy Cess from Rs 200 to 400 per tonne would further increase the input cost for domestic producers.
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
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'Mining jobs get created in the most backward districts of India's poorest states,' says Anil Agarwal.
Better living conditions must be an integral part of all political campaigns. But this will only happen if the public pressures the political class to understand the irreversibility of climate change and make the environment a crucial part of their manifestos.
With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
'Vedanta', which will be the holding company for his Sterlite Industries, will be listed in the London Stock Exchange.
The uptick in prices ranging from steel to wheat could benefit lots of commodity-based companies -- from State-owned SAIL to the agro exporters.
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
State-owned aluminium maker Nalco may show interest in developing mines in Afghanistan, which is expected to invite global bids soon for exploration of mineral deposits estimated to be worth $1 trillion.
Companies are looking to combine risk management with strategy.
At least 31 people were crushed to death when an under-construction chimney at a new power plant being constructed at Bharat Aluminium Company (Balco) in Korba, 230 km from Raipur, collapsed on Wednesday afternoon. Another 40 people are feared trapped in the debris.
Survival International, a London-based NGO, has appealed to the director of the Hollywood blockbuster Avatar, James Cameron, to lend his support in fighting against London-listed mining and metals major Vedanta Resources from setting up its aluminium plant in Orissa.
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