Search Result for : Vedanta

The Dollar Business Bureau Vedanta Resources Plc chairman Anil Agarwal on Thursday announced he is planning to buy a $2.4 billion of Anglo American Plc shares after Vedanta’s merger proposal failed last year. Vedanta’s holding company Volcan Investments Ltd. will issue a mandatory exchangeable bond to fund and Anglo American shares will be used to secure this purchase. According to the investor’s statement, Agarwal doesn’t intend to make a takeover offer for the company, it said. Following the completion of this purchase, Vedanta would become Anglo’s second-largest shareholder next only to South Africa’s Public Investment Corp. “It gives him an extremely good seat at the table if there is going to be any corporate activity. We expect that M&A is going to be the ...

The Dollar Business Bureau The shipments of iron ore handled by India’s 12 major ports increased 169% to 38.61 million tonnes in the period April-January of the current financial year. The state-owned ports had managed 14.37 million tonnes of the key raw material used in steel-making in the same period of the previous fiscal. In its latest report, the Indian Ports Association (IPA), which keeps data of cargo handled by the major 12 ports, said that “percentage variation from previous year” in handling iron ore  was as high as 168.59% in the initial ten-month period of this financial year. Mining major, Vedanta, had said recently that the worst phase of the local iron ore industry is now over and showed confidence that the company’s Goa subsidiary is prepared to withstand the export momentum ...

PTI UK-based Vedanta group company, Cairn India Ltd's plea for permission to export excess crude from its oil field in Rajasthan was dismissed by the Delhi High Court on Tuesday.Justice Manmohan said that under the production sharing contract (PSC) between Cairn and the central government, the company would get a right to seek permission to export its share of the crude oil only after India attains self-sufficiency.The court said in the absence of a notice from the Centre saying India has attained self-sufficiency, Cairn "can only claim compensation" from the government under the dispute- resolution mechanism provided under the PSC."Writ petition and applications being bereft of merits are dismissed with liberty to invoke the dispute resolution mechanism in the production sharing contract," ...

The Dollar Business Bureau The Union government is mulling imposing minimum import price (MIP) on aluminium in order to help the domestic industry from cheaper imports. The Revenue Department under the Finance Ministry is in the process of studying low-cost aluminium products being imported from other countries. The CEOs of several domestic aluminium manufacturing companies including Vedanta, Nalco, Hindalco and Balco met the Finance Minister Arun Jaitley last week with a demand to protect the aluminium industry from cheaper shipments. They have urged the minister to impose strict restrictions on aluminium imports the way it had earlier imposed MIP on steel imports, sources said. Being the largest metal producer, China is exporting excess aluminium to India amid weak demand. The discussions are underway with the government to ...

The Dollar Business Bureau Vedanta Ltd. on Wednesday announced it will begin the process of exploration of gold mine after the monsoon. The company was awarded the first-ever auction of a gold mine in India in February this year. "We were successful with gold auction in Chhattisgarh. The gold reserve that was there at the time of auction was probably small for Vedanta," Tom Albanese, Group Chief Executive Officer of Vedanta Ltd. told PTI. "But our geologists suggested that may be there will be more (reserve) there. So we have decided to take up more exploration and deep drilling. We are hoping as we come out of the wet season we start some deep drilling," Albanese added. In February this year, this global diversified ...

The Dollar Business Bureau Vedanta Ltd, the world’s leading natural resources company, is planning to buy coal mines by bidding in auctions, as the mining major is seeks meet the energy requirements of its aluminium plants. “Numerous initiatives are being taken to meet our coal requirements. We will source our overall coal mix from low-cost imports and auctioned coal to optimise the cost in financial year 2016-17. We are also looking to optimise our coal mix further by securing linkage coal through the auction route,” Vedanta said. The government on its part is yet to decide on the dates for holding the fourth round of coal mine auctions that were cancelled in December last year. The company further ...

Source: PTI  Foreign institutional investors have reduced their holdings in 19 blue chip firms that are part of the 30-share benchmark Sensex during July-September quarter as they recast their portfolio on account of several domestic and global factors. They have raised their holdings in 11 companies, as per the data available for the 3-month period ended September 30. In the April-June quarter, FIIs had trimmed exposure in 20 blue-chip companies. Market experts said that a slew of global and domestic factors including concerns over economic slowdown in China and weak GDP numbers in India prompted FIIs to reduce their holdings. Moreover, foreign investors have pulled out more than Rs.18,000 crore from the stock markets during the July-September quarter, higher than over ...

Source: PTI Vedanta's iron ore division in Goa is expected to resume exports to China after a lull of three years. Representatives of steel manufacturing mills from China's Jiangsu province and Tangshan area are currently in Goa to have discussions with officials of Vedanta's subsidiary, Sesa Iron ore. "They are our long-term buyers and with the company intending to resume extraction soon, they are in Goa to have discussion with the officials," Sesa Iron Ore's Vice-President, Corporate Affairs, A N Joshi said on Tuesday. The Sesa Iron Ore has officially announced resumption of iron ore extraction at its mine in Codli, 80 km south of Panaji. It was Asia's biggest iron ore mining site when the industry faced closure in September 2012. The current ...