The Vedanta Group is aiming to invest $20 billion across all its businesses in India over the next four years, its chairman Anil Agarwal said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest $20 billion across sectors in four years time," Agarwal said.
Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.
An increased brand fee paid by India-listed Vedanta, apart from record dividend, has helped Vedanta Resources (VRL) - the London-based holding company of Vedanta Group - to repay part of its debt. Vedanta paid a brand fee of Rs 2,632 crore ($325 million) for 2022-23 (FY23), according to Nomura report. This was after the Anil Agarwal-owned holding company raised the brand fee to 2 per cent of the turnover for its Indian businesses in 2021.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
'Maharashtra, Telangana and Karnataka were competing for the Foxconn-Vedanta semiconductor manufacturing plant'
Aishwary Pratap Singh Tomar dished out a dominant show to win the gold medal in the men's 50m rifle 3 positions competition at the Asian Shooting Championship.
Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies," it said.
"They (BJP) are in power at the Centre, state and have other agencies with them. Let them probe, then things will be clear," Pawar said.
Vedanta chairman Anil Agarwal on Saturday pressed for further liberalisation of the defence sector and called for corporatisation of defence factories to make the country self reliant in respect of arms and ammunition. There are 52 defence factories for manufacturing arms and ammunition in the country but most of them are running at 10 per cent capacity, he said. "We (India) can be the largest producer of arms and ammunition. "If the defence factories are corporatised it will bring in a new way of thinking," Agarwal said while addressing the inauguration of a post graduate programme for executives virtually from London.
More than half of all new project announcements in the June 2025 quarter came from the manufacturing sector. Manufacturing projects worth around Rs 2.3 trillion were announced in the three-month period, accounting for 54 per cent of total new projects, according to data from the Centre for Monitoring Indian Economy (CMIE).
Indian conglomerate Vedanta on Monday said it has signed a pact with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore programme to boost electronic chip and display ecosystem in the country. This is also the second attempt of Vedanta to enter the semiconductor space after its earlier plans to set up a display unit with about Rs 60,000 crore investment could not take off.
'We have created massive infrastructure in the past six years.'
'I have never seen such chaos and cheating in Maharashtra politics. No one knows who is with whom, who is forming government'
Indian conglomerate Vedanta has earmarked $15 billion for foray into the electronic chip and display manufacturing space, and plans to scale up the investment to as much as $20 billion, a senior company official said. Vedanta's group firm Avanstrate, which will spearhead the semiconductor business, expects to roll out electronic chips and displays from Indian manufacturing plants by 2025, the official of the group's semiconductor arm said on Friday. "Semiconductor is a long-term business. We are looking at about $10 billion on display.
When shorts are based on perceived corporate mismanagement or malfeasance, as in cases like Enron and Satyam, they enable the financial system to work efficiently, points out Devangshu Datta.
The top court said there should be no political bickering over the generation of oxygen by Vedanta as the country is facing a national crisis.
The Shinde-led govt might even "trade Mumbai," said the editorial in "Saamana".
The Vedanta team held a meeting with Shinde, Fadnavis and top officials on July 26, he said.
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
The Supreme Court Thursday termed the COVID-19 situation as almost a "national emergency" while agreeing to hear Vedanta's plea for opening of its Sterlite copper unit at Tuticorin in Tamil Nadu on the ground that it would produce thousand tonnes of oxygen and give it free of cost to treat patients.
India on Tuesday opened its largest oil and gas bid round, offering 25 blocks covering 1.91 lakh square kilometers mostly in offshore area, as the government looks to boost domestic production to cut imports and help energy security. Petroleum Minister Hardeep Singh Puri launched the 10th bid round under the Open Acreage Licensing Policy (OALP) at the India Energy Week (IEW) in Mumbai.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
.jpg)
The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
Shinde was speaking in the presence of Union Home Minister Ami Shah at the inauguration ceremony of the 'Jairaj Sports and Convention Centre' built by the Shree Poona Gujarati Bandhu Samaj in Pune's Kondhwa.
Mining magnate Anil Agarwal has said Gujarat was picked over Maharashtra for the Vedanta-Foxconn's Rs 1.52 lakh crore semiconductor project based on 'professional and independent' advice, as the political row in Maharashtra over the facility escalated on Thursday.
Vedanta Kalinga Lancers secured their second successive win of the season beating Team Gonasika 2-1 in their Hero Hockey India League match.
Maharashtra fell behind Gujarat in attracting foreign investment during the MVA's tenure but in the next two years the present government would take Maharashtra ahead, said Fadnavis.
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
The Eknath Shinde-Devendra Fadnavis government has been facing flak after Vedanta-Foxconn chose Gujarat to set up its multi-billion semiconductor plant.
Hyderabad Toofans registered a commanding 5-1 win over Vedanta Kalinga Lancers to move to second spot.
Chhonzin Angmo became the first visually-impaired woman from India to plant the Tricolour on Earth's highest mountain.
Jurgaj Singh's brace propelled the Shrachi Rarh Bengal Tigers to a sensational 5-3 comeback win against the Vedanta Kalinga Lancers in the Hockey India League.
With a robust outlook for mineral-led growth in India, Anil Agarwal-led Vedanta Limited is looking to invest up to $20 billion across its businesses, which includes doubling of silver production and steel capacities. In a virtual press conference had last month, Agarwal said the company planned a capex of $5 billion over a period of three years. The company has not given a timeline for $20-billion investment.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
Brokerages put sell notice on Vedanta shares over the company's move to buy Volcan Investments' stake in Anglo American via subsidiary Cairn India Holdings, reports Aditi Divekar.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
