Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
In a setback to the Cairn-Vedanta deal, Solicitor General Gopal Subramanium has reaffirmed that the government can impose preconditions like equitable sharing of royalty in the all-important Rajasthan block for clearing Vedanta Resources' takeover of Cairn India.
Indian companies are investing up to $600 million every year and creating jobs and contributing to the British economy.
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.
The Vedanta Group, which was issued a show cause notice for allegedly flouting environment laws, will appear before the Union Ministry of Environment and Forest (MoEF) on Thursday
Beating rivals like China Metallurgical and Xstrata, Vedanta Resources on Monday said it has finalised a deal with the London-based Anglo American's entire zinc business in Ireland and Africa for $1.34 billion deal.
The UK-based Cairn Energy on Tuesday said it will seek government's "endorsement" and necessary consent for selling its majority stake in Cairn India to London-listed Vedanta Resources for $8.48 billion.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
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.
UK-based metals major Vedanta Resources came under more pressure as it was revealed on Tuesday that one of its group companies, Balco, is a supplier of refined aluminum to the Indian defence sector. This information is now being used by human rights campaigners to urge investors like the Church of England to divest from Vedanta Resources to keep in line with the church's policy of not investing in companies that are involved in any way in armament production.
The Securities and Exchange Board of India on Tuesday approved the open offer of Vedanta Resources for Sesa Goa.
The Petroleum Ministry may have watered down its preconditions for approving mining group Vedanta Resources' acquisition of Cairn India, but the $9.6 billion deal will still hinges on no-objection from partner ONGC.
The proposed Rs 15,000 crore (Rs 150 billion) Vedanta University Project in Orissa suffered a setback with the Orissa high court on Tuesday holding as illegal the state government's land acquisition procedures for the institution overlooking Bay of Bengal.
e metal and mining group is also hopeful of taking forward the process to buy government's residual stake in another erstwhile PSU Hindustan Zinc Ltd.
London-listed mining group Vedanta Resources is running against time to close a USD 9.6 billion deal to acquire majority stake in Cairn India as government approval for the transaction is held up due to issues raised by state-owned ONGC.
With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
The high court, however, allowed the company to make a fresh bid to obtain environmental clearance from the Union Ministry of Environment and Forest for any further expansion of its existing units.
The proposed Vedanta University is likely to get chairman of National Knowledge Commission Sam Pitroda as its first Chancellor, Orissa's higher education minister Debi Prasad Mishra said on Thursday.
Rajya Sabha MP Kapil Sibal on Friday described the electoral bonds scheme as a 'very big scam' and demanded that a special investigation team (SIT) be set up with court-appointed officials to probe the alleged quid pro quo and wrongdoings under it.
Vedanta Resources has submitted a proposal to the Orissa government to set up a world-class university in the state at an investment of $1 billion.
Refusing to be cowed by pressure being brought on him, Oil Minister S Jaipal Reddy on Friday said the decision for mining group Vedanta Resources' $9.6 billion buyout of Cairn India will be taken by the Cabinet without "sacrificing" on national interest.
Vedanta Resources, a global metal and mining company led by Non-Resident Indian billionaire Anil Agarwal, is looking to rationalise its workforce and reduce overall costs by 30 per cent to tide over the global economic downturn.
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.
Congress leader Rahul Gandhi on Thursday termed as "illegal" Vedanta's bauxite mining project in Orissa's Niyamgiri hills which was denied environmental clearance by the Centre.
The mining ban has implications beyond just protecting the environment and tribal rights.
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.
The corporate rivalry in India is pass. I believe there is enough water in the sea for every fish.
Metals and mining major Vedanta Resources will buy bankrupt US copper miner Asarco for $1.1 billion in cash and a note worth $600 million, the latter to be paid over a period of nine years.
Of these 2,500 are directly employed and 4,500 indirectly.
The office of Prime Minister Manmohan Singh has written to the Union environment and forests ministry urging it to clear Vedanta's proposed Niyamgiri mine in Orissa. The mine cannot go ahead without official clearance from the environment ministry.
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
The Tamil Nadu government had, on May 28, ordered the state pollution control board to seal and "permanently" close the mining group's copper plant following violent protests over pollution concerns.
Campaigners from Hamburg-based (Germany) think-tank World Future Council, along with British charity ActionAid, protested against the Church of England and Middlesbrough Borough Council on Monday for investing their pension funds in UK-based metals and mining company Vedanta Resources Plc (with an $8-billion group turnover), whose reputation for trampling human rights and alleged unclean mining practices has been questioned before.
Cairn Energy Plc, which has 50 production blocks across the world, holds 10% in Cairn India.
Anil Agarwal-promoted Vedanta Resources on Tuesday said its acquisition of Konkola Copper Mines in Zambia is complete, making it the fifth largest producer of refined copper in the world.
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