More than three months after announcing the sale of its up to 51 per cent stake in the Indian unit to Vedanta, Cairn Energy Plc on November 23 last year had made a conditional application to seek government's nod but refused to accept partner ONGC's rights.
Albanese, 56, will take the helm on April 1.
The mining ministry's inordinate delay in giving approval to group firm Hindustan Zinc to buy London-based Anglo American's zinc mines has forced the company to route it through Sterlite.
Leading mining group Vedanta Resources has been stripped of international safety awards amid claims that it won the prize without declaring that a chimney collapse at one of its sites had killed at least 40 workers last year, according to a media report.
Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
The company is accused of overlooking local community's interests.
The Supreme Court also sought CBI probe in the case.
This is the first time India is offering coalmines to private companies for commercial sale.
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.
A reading of the reports suggests that there is no standard practice for reporting political contributions and it is left to the company's discretion to report them as they find fit.
India is planning to soon sign new and updated mineral pacts with about a dozen countries in Africa. The Ministry of Mines is in discussions with Cte d'Ivoire, Democratic Republic of the Congo (DRC), Madagascar, Malawi, Mali, Morocco, Mozambique, South Africa, Tanzania, Zambia and Zimbabwe, Business Standard has learnt. Negotiations are ongoing with around a dozen countries, and more will be added to the list soon.
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.
Shares of Indian mining company Vedanta fell to a fresh low after analysts at Morgan Stanley initiated their coverage of the company with a stark warning of the risks faced by investors.
With locals protesting against Hindalco's move to mine Mali Parbat, the contractor who was working on making the mine operational has left.
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
Withdraws petition from green tribunal, makes fresh plea for Lanjigarh project.
'More than 9.5% new voters have been added to the electoral voters' list compared to the 2024 Lok Sabha election.' 'This led to an increase in about 5% to 6% in total votes polled for this assembly election.' 'That has tilted hugely in our favour because we worked hard for registration of these voters and concentrated on bringing out these new voters out during this assembly election.'
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.
Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Vedanta to file notice of claim in Cairn India tax case.
The state government's water resources department has alleged the company's Jharsuguda unit has not paid Rs 10.94 crore (Rs 109.4 million) of its bills, since 2008.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
In June last year, India unveiled its first list of 29 critical minerals open for private sector exploration and mining. Since then, 38 critical mineral blocks have been auctioned, but only 14 - less than 37 per cent - have found bidders. This modest achievement was secured only after the Centre conducted a second round of auctions when the first round fell flat, failing to attract the minimum required bidders.
Government is yet to approve Cairn's deal to sell stake in Cairn India to Vedanta.
Mining conglomerate Vedanta Resources has completed the purchase of a 10 per cent stake in Cairn India from Cairn Energy, taking its total stake in the company to 28.5 per cent.
Whereas, the group is offering Cairn India's parent Cairn Energy Rs 405 a share, which includes a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
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.
Megha Engineering and Infrastructures Limited was the top donor to the Bharatiya Janata Party at Rs 584 crore and the Bharat Rashtra Samiti at Rs 195 crore.
US chipmaker Advanced Micro Devices (AM) on Friday announced a $400 million investment in India over the next five years and said it will build its largest design centre in Bengaluru. AMD chief technology officer Mark Papermaster made the announcement at the annual semiconductor conference in the presence of Prime Minister Narendra Modi. Undeterred by Taiwan's Foxconn pulling out of his group's $20 billion semiconductor-making venture, mining baron Anil Agarwal said the first phase of Vedanta's chip-making project will be ready in two-and-a-half years.
NRI billionaire Anil Agrawal-led Vedanta Group on Tuesday said its open offer for 20 per cent stake in Cairn India will begin on October 11, as part of its $9.6 billion takeover deal of the country's fourth largest oil explorer.
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
Vedanta may become a majority stakeholder in Cairn India.
Vedanta Group, which was denied mining rights in Orissa's Niyamgiri hills, on Thursdaysaid it will not pull out of the state.
According to a senior Vedanta executive, the supply of bauxite from Gujarat should start this week. The Orissa alumina project needs about 3 million tonnes of bauxite to run at full capacity.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
