vedanta resources

Enforcement Directorate officials conducted searches at multiple Vedanta Ltd locations across Delhi, Mumbai, and Udaipur on Monday. The agency is investigating suspected violations of the Foreign Exchange Management Act (FEMA) concerning brand royalty transactions between vedanta resources in the UK and its Indian subsidiary. Vedanta stated it is cooperating fully with the authorities.

Chhattisgarh police have filed an FIR against vedanta resources chairman Anil Agrawal and others following a deadly blast at their Sakti power plant. The incident, which claimed 20 lives, is attributed to serious operational lapses, including a rapid increase in boiler load and system failures. A special investigation team is probing the tragedy.

The zinc transaction, if completed, would be equally positive. vedanta resources would potentially have about USD 2 billion of liquidity available following the transaction.

vedanta resources seeks approval for a proposal to revise the terms of its dollar bonds to cut its debt load. The miner is offering to pay $779 million for notes due this year and 2025, and plans to extend the maturity on the remaining principal. S&P Global cut Vedanta's rating to CC and expects good earnings and strong cash flows. Bondholders are recommended to give their consent for the amendments, but S&P Global is skeptical about the lack of adequate compensation for the extension of maturities.

A large dividend from its cash-rich India operating subsidiary has boosted billionaire Anil Agarwal-led vedanta resources Ltd's efforts to refinance debt, Moody's Investors Service said on Monday.

London-based vedanta resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 per cent by buying from open market shares worth Rs 2,959 crore. VRL bought 18.5 crore shares at a price of Rs 159.94 per share, the company said in a statement on its website.

vedanta resources Ltd completed repayments to bondholders as part of the debt restructuring exercise, making an upfront payment of USD 779 million. The company also secured a USD 1.25 billion loan from private credit lenders to refinance/repay debt and announced a significant demerger and reorganization plan.

Promoters of Vedanta Ltd have pledged their holding in the company to raise $1.4 billion, mostly for repaying the debt that was coming up for maturity.

New Delhi, May 12 () Cairn India Ltd today said it has extended by two years the repayment of a controversial USD 1.25 billion loan it had extended to its parent group firm. The extension follows delay in merger of Cairn India with its parent Vedanta Ltd that would have led to the USD 1.

Anil Agarwal, chairman of the $30-billion vedanta resources, said India is carving a pathway towards self-sufficiency in semiconductors. The demand for semiconductors, he said, is expected to touch $100 billion over the next seven years.

New Delhi, Jun 6 () vedanta resources will invest USD 500 million (nearly Rs 3,350 crore) in its zinc business, which is about half of its total capex for the current fiscal (2016-17).

Standard & Poor's Ratings Services has said that it has lowered its foreign currency long-term corporate credit rating on vedanta resources Plc to 'BB-' from 'BB'. The outlook is negative.

Metals and mining giant Vedanta Ltd on Sunday announced setting up of a Rs 100-crore fund to combat the coronavirus outbreak. The fund will be utilised to provide preventive healthcare to daily wage workers, company employees and contract workers in and around various plants of the company, Vedanta said in a statement.

New Delhi, Jul 26 () Mining giant vedanta resources today said the production of mined metal at its Indian zinc unit increased by 84 per cent to 2,33,000 tonnes in the first quarter of the ongoing fiscal.

After mobilising $3.15 billion to fund the delisting of its Indian subsidiary, vedanta resources Ltd has approached the Securities and Exchange Board of India (Sebi) for necessary approvals to start the reverse book building process, sources in the know of the development said.

Mining mogul Anil Agarwal-led vedanta resources looks to delist from London Stock Exchange on October 1, after the holders of 26 per cent of shares have agreed to sell their stake to his family trust Volcan Investments, as per a regulatory filing.

Anil Agarwal, chairman of Rs 78,000-crore ($13 billion) vedanta resources, like a lot of Indian businessmen, has been extremely pessimistic about the Indian business climate for a while now.

After repayments and borrowings, it has about $7.7 billion outstanding, of which $3 billion is due for repayment in the fiscal year starting April 2023.

Mining firm vedanta resources Ltd plans to create a $10 billion fund to bid for assets including the government's stake in Bharat Petroleum Corp Ltd (BPCL), its chairman told Reuters on Thursday.

vedanta resources has decided to rope in Larsen and Toubro to set up a mega steel plant in Orissa as its subsidiary Sterlite Industries' proposed steel facility in Keonjhar district has so far proved to be a non-starter.

Banawala(Bathinda) vedanta resources will invest $3 billion in the oil and gas sector in Rajasthan in the next three years.

The oil ministry's first meeting with a joint team of top executives from UK-based Cairn Energy Plc and vedanta resources on Sunday failed to break the deadlock over conditions for clearing their $9.6 billion M&A deal.

India will vet the ability of London-based miner vedanta resources to carry out oil exploration before allowing it to buy a majority stake in Cairn Energy's local unit, oil secretary S Sundareshan said on Sunday in Mumbai.

Anil Agarwal led vedanta resources, which was denied mining rights in Niyamgiri in Orissa, has bid for procurement of five lakh metric tonnes of bauxite from state-owned GMDC, a top official said here today.

London-listed vedanta resources, which plans to acquire a majority stake in Scottish explorer Cairn Energy's Indian arm for $9.6 billion, will not revise its open offer price to Cairn India's minority shareholders.

Cairn Energy will need government approvals in all the 10 oil, gas and exploration acreages held by its Indian arm, Cairn India, before the company's ownership can be transferred to vedanta resources, according to government's legal advisors.

LONDON: A bullish Anil Agarwal says he would now be funnelling $1-bn into India within weeks.

The Rajasthan-based miner will pay an interim dividend of 26 rupees per share, according to an exchange filing Tuesday. Key beneficiaries will be Agarwal’s Vedanta Ltd, which owns about 65% of Hindustan Zinc, and the Indian government that holds around 30%.