Vedanta, a conglomerate in mining and metals, has seen a surge in its share price on the back of multiple triggers. Its demerger appears to be on track, a strong non-ferrous commodity cycle is boosting margins, and silver bulls are interested in Hindustan Zinc, its subsidiary.
The issue was raised in 2005 by none other than the then revenue minister of the state, Nankiram Kanwar. The minister alleged that the company had grabbed prime land and cut down a large number of trees without permission. The government conducted an inquiry that established that Balco had encroached 1036.52 acres of government land. The company, however, contended and claimed that the land under question was allotted by the government.
Chhattisgarh government on Wednesday attached properties worth Rs 10 crore (Rs 100 million) of aluminium giant Balco for non-payment of state government dues, official sources said.
The states will get over Rs l lakh crore.
International metals major Sterlite Industries has approached the government seeking to acquire the latter's 49 per cent residual stake in aluminium major Balco.
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JSPL and Balco had emerged as the highest bidders in the recently concluded auctions.
The government said on Monday there was no conflict of interest between Sterlite Group and Dalal Mott MacDonald, which was engaged by SBI Caps for valuation of residual stake in Balco.
In the latest development to a case full of bizarre twists, the lead defendant in the BALCO global steroid case abruptly changed lawyers on Friday, two weeks before a key hearing.
CITU on Thursday strongly opposed the proposal of Sterlite Group acquiring the remaining 49 per cent stake in Balco, saying the NDA government struck the previous deal for a "pittance" and the matter should be investigated.
The government, which currently holds 29.5 per cent stake in HZL and 49 per cent stake in Balco, is looking at exiting from the two firms in which Anil Agarwal-led Vedanta Group holds majority stake.
Local media reported that one reason for Wednesday's search was related to a federal probe of leaks of grand jury testimony.
Talks of compromise between the ruling United Progressive Alliance and its Left allies over divestments notwithstanding
The California laboratory said that no "positive test" results for steroids or other performance-enhancing drugs were found at the lab.
The three-judge arbitration panel set up to resolve the controversy over the sale of the government's residual 49 per cent stake in Sterlite-controlled Bharat Aluminium Company Ltd has decided to meet in August, raising hopes of a resolution to the five-year-old dispute.
This comes after both parties failed to arrive at an agreement on an appropriate valuation of the stake, a company executive said. Sterlite bought 51 per cent stake in Balco in March 2001 for Rs 552 crore (Rs 5.52 billion) when the National Democratic Alliance (NDA) government decided to divest the government stake in the public sector company.
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.
The mines ministry would soon approach the Union Cabinet to seek its opinion on a directive of the Delhi high court for settling the sale of residual equity in the erstwhile Balco to Sterlite Industries Limited within four weeks.
"That plant has a high cost of production and it is not feasible to operate it when aluminium prices have dropped significantly," said a company executive. It has started reducing output and full closure is expected soon. Aluminium prices fell to $1,251 a tonne on the London Metal Exchange from last July's all-time high of $3,271, as the global credit crunch and economic slowdown curbed demand for the base metal. On Wednesday, the metal's LME price was $1,421 a tonne.
U.S. prosecutors indicted a former professional American cyclist on Thursday for lying about past use of steroids before the BALCO grand jury investigating doping in professional sports.
A Delhi court has summoned former chairman and managing director of Bharat Aluminium Company, Shyamal Kumar Ghosh and four others in connection with a case wherein they allegedly caused losses to the tune of Rs 299.20 lakh
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.
Vedanta Resources chairman Anil Agarwal on Thursday said he is ready with Rs 8,000 crore (Rs 80 billion) for buying the government's residual equity in Balco and Hindustan Zinc, for which he will meet the Finance Minister this month.
Analysts assert that Vedanta Group's plan to demerge India-listed Vedanta Limited into six listed entities will not resolve the debt problem of its promoter entity, Vedanta Resources (VRL). They suggest that additional asset sales or stake sales by promoters will be necessary to repay the debt. Vedanta is already considering the divestment of its iron-steel division and its copper plant.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
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).
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. For the current fiscal year, CIL's production is expected to be around 565 million tonnes.
While Vedanta Aluminium, Balco and Cairn India confirmed the job cuts, sources said Sesa Goa too had slashed jobs.
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