Search Result for : Vedanta Resources Group

The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report.   The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said.  “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said.  The growth of bauxite production in ...

The Dollar Business Bureau On Wednesday, the Cabinet Committee on Economic Affairs approved a foreign investment proposal of Rs 9000 crore, put forward by Twin Star Technologies. The FDI proposal is expected to generate employment opportunities for 30,000 people in India.  According to the proposal, the Mauritius based company will invest the said amount in India on or before March 2025. The investment route will comprise a mix of equity, compulsorily convertible preference shares, compulsorily convertible debentures, and other FDI compliant instruments.  The proceeds of the investment will flow towards operations of Twin Star Technologies in India – a venture led by business magnate Anil Agarwal who is also the founder and Chairman of Vedanta Resources Plc. Vedanta’s business interests in India include ...

The Dollar Business Bureau Oil energy explorer Cairn has asked India to pay about $6 billion by as compensation for affecting its business through a tax dispute. Scotland-based Cairn said the company is seeking taxes related to transactions carried out to identify the company's structure for Cairn India’s stock market flotation in 2007. Last year, India had asked Cairn to pay $1.6 billion for the 2007 listing of the company’s India operation. Cairn had taken the case to the international arbitration court in The Hague. Cairn had sold its Cairn India’s majority stake to Vedanta Resources in 2011. It said the tax department's investigation had postponed the sale of its outstanding holding in its Indian venture. The investigation, which began in 2011, was worth ...

The Dollar Business Bureau Vedanta Resources has planned to invest $500 million in its zinc business. The investment amount is about half of the total capex for the current fiscal 2016-17. The company led by Anil Agarwal is one of the largest integrated zinc-lead producers. Their output during the financial year 2015-16 was 1,115- kilo tonnes (KT). In its annual report, Vedanta Resources said, “Going forward, our current requirements are low, with 2016-17 capex expected to be around $1 billion, half of which would be across the high-return zinc projects at Gamsberg and Zinc India.” The firms said that its capex was optimized to a reduced level of $600 million in 2015-16. A majority of this was invested in projects like Mangala EOR ...

Source: PTI Vedanta Resources on Friday said it has reduced capital and operating expenditures in the July- September quarter as the mining conglomerate tries to tackle volatile market conditions as well as subdued metal prices globally. Billionaire Anil Agarwal-led mining giant said market conditions are expected to remain “challenging in the short term”. Presenting its production figures for the second quarter of 2015-16, Vedanta Resources Group CEO Tom Albanese said: “We are continuing to drive efficiency improvements and optimise opex and capex across the business. “While the near-term market outlook is challenging, we believe we have the right mix of commodities to benefit from future demand in India and globally.” He added however that the Group's diversified asset portfolio has delivered ...