Apparently making amends to past slip-ups, UK's Cairn Energy on Thursday courted the government and ONGC to clear-up "misgivings" on sale of majority stake in its Indian arm to Vedanta Resources.
Pressure is mounting on the Church of England, a stakeholder in the British mining giant Vedanta to "use its power" to refrain it from exploiting bauxite from mountains of Orrisa, considered sacred by the local tribals.
The shareholders will also get one redeemable preference share in Vedanta Ltd
Seeks talks after court battle lost.
'This government is not in the hands of M K Stalin but in the hands of the bureaucracy -- the IAS and IPS.'
The Centre and Oil and Natural Gas Corporation's decision on the $-8.5 billion deal was taken after due deliberation, the apex court said.
The most significant development over the last 10 years is that such organisations have accepted the need to operate on the basis of the principle of FPIC, namely Free, Prior and Informed Consent, by the local people whom a mining project affects.
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.
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.
Indian companies are investing up to $600 million every year and creating jobs and contributing to the British economy.
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.
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 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.
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.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
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.
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.
The Securities Appellate Tribunal (SAT) has set aside capital markets regulator Sebi's order that imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding buyback of shares in 2014. Cairn India, which was merged with Vedanta Ltd in 2017, was accused of making a misleading public announcement designed to influence investors' decisions. "We hold that the violations of provisions of... the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations and... the Buyback Regulations are not proved against the company (Vedanta)," a bench consisting of Justice Tarun Agarwala and presiding officer Meera Swarup said.
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.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Politely decline to be prime minister, and hand the baton to someone else in the BJP -- like Sonia did to Manmohan Singh -- advises Krishna Prasad.
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 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.
The corporate rivalry in India is pass. I believe there is enough water in the sea for every fish.
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.
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