Vedanta Resources in exclusive talks with global investors to sell its stakes in Zambian copper mines
Vedanta Resources, a mining company, is in discussions with global investors to sell a stake in its Zambian copper mines, Konkola Copper Mines (KCM). The company aims to raise $1 billion through this sale. This move is part of Vedanta’s plan to restructure and revamp its operations in Zambia.
According to reports, Vedanta is targeting to attract a consortium of investors to buy a significant stake in KCM, which would help the company to reduce its debt and raise capital for further investments. The company has been facing financial challenges in recent years, including a $2 billion debt, making it vulnerable to a potential debt restructuring.
Selling a stake in KCM would also help Vedanta to reduce its exposure to the Zambian copper market, which has been experiencing production challenges, and shift its focus to other asset classes. The company is also looking to optimize its global portfolio and concentrate on its core assets, such as its Indian and Australian operations.
The sale of KCM would also have significant implications for the chemical industry. Copper is a key input material in the production of polyvinyl chloride (PVC), a widely used plastic material. The increased demand for PVC is driving the demand for copper, making the sale of KCM a strategic move for Vedanta.
Vedanta has been in the news recently for various reasons, including its plans to divest non-core assets and focus on its core mining activities. The sale of KCM is part of this strategy, which also includes the sale of its power assets and reduction of debt.
The potential sale of KCM would give Vedanta the necessary capital to invest in its other assets and strengthen its operations. It would also provide an opportunity for new investors to participate in the Zambian mining industry and gain exposure to the country’s vast natural resources. The deal would be closely monitored by the Zambian government, which would be keen to ensure that the sale does not lead to any job losses or impact the local economy.
In conclusion, the potential sale of KCM by Vedanta Resources would be a significant event in the mining and chemical industries. The deal would have far-reaching implications for Vedanta’s operations, the Zambian economy, and the global chemical industry.
The environment ministry has been given a final deadline of four weeks to furnish its response in the Vedanta’s green clearance challenge before the National Green Tribunal (NGT).
The National Green Tribunal (NGT) has issued a directive to the Union Environment Ministry, central and state pollution control boards, and Vedanta Ltd to file affidavits in response to a petition filed by environmentalist Ramesh Gauns. The petition challenges the environmental clearance granted to the Bicholim mineral block 1, which was won by Vedanta Ltd. Gauns alleges that the environmental assessment report suppressed information about the presence of 13 lakes in the mining area.
The NGT has instructed that the replies be filed within a period of four weeks. In his petition, Gauns raised 50 grounds for challenging the environmental clearance granted to Vedanta, including concerns about the preparation of a cumulative environmental impact assessment report. The report was not prepared as required, despite the presence of two adjacent mines in the area. Gauns also criticized the public hearing, which was held 13 kilometers away from the village, making it difficult for villagers to attend.
The NGT began hearing the petition last year, and Vedanta was granted permission to extract three million tonnes of iron ore per year from its Bicholim block. Additionally, the state government granted permissions for handling around 55 million tonnes of low-grade iron ore lying in various villages in Goa, including Bicholim, Sanguem, Dharbandora, and Sattari. Gauns’ petition aims to hold Vedanta and the authorities accountable for any potential environmental damage resulting from the mining activities.
High Court rejects Vedanta’s bid for a preferred bidder award
The High Court of Panaji dismissed a petition filed by Vedanta Ltd, seeking directions to resume the auction of the Curpem and Sulcorna Mineral Block-XI. The petition was filed after a technical snag prevented one of the bidding companies from enhancing its offer, leading the government to decide to resume the auction. The court found that the decision to resume the auction was reasonable, fair, and in the public interest. The court held that the company had every opportunity to participate in the auction and that precedence had to be given to public interest over private interest.
The court emphasized that the purpose of the auction was to get the best remunerative price for the state government and to fetch a higher realizable value of the material resources held by the state in trust. The court further stated that there cannot be a vested right in the highest bidder to be declared as the preferred bidder or to be given the Letter of Intent (LOI). The court’s decision upholds the decision-making process as fair, transparent, and in the public interest.
The court’s ruling supports the idea that the ownership and control of mineral resources should be distributed in a way that best serves the common good. The court’s decision is a win for the government and the public, as it ensures that the auction process is fair and that the best possible price is fetched for the mineral resources. For Vedanta Ltd, the court’s decision is a setback, as it prevents the company from getting the preferred bidder award and the LOI. However, the company had every opportunity to participate in the auction and did not have a vested right to be declared the preferred bidder.
Vedanta Aluminium’s Chief Operating Officer, Sunil Gupta
Vedanta Aluminium is committed to transitioning to renewable energy sources, aiming to achieve 30% of its energy mix coming from solar, wind, and other low-carbon sources by 2030. To achieve this goal, the company is diversifying its energy mix through partnerships and innovative technologies. For instance, its partnership with Serentica Renewables will secure 1.3 GW of solar and wind energy, reducing annual CO2 emissions by 3.2 million tonnes. Additionally, the company is exploring alternative fuels like biomass briquettes and pellets made from agricultural waste, as well as promoting energy efficiency and innovation.
The company is also decommissioning old energy systems and scaling up production of its green aluminum, Restora, which is manufactured using 100% renewable energy. This aligns with its Net Zero strategy, aiming to reduce its carbon footprint and transition to sustainable energy sources.
Vedanta Aluminium has also partnered with PwC to strengthen biodiversity conservation and reduce carbon emissions in Odisha, through projects such as carbon sequestration, habitat restoration, and innovative afforestation techniques. This partnership supports the company’s commitment to environmental stewardship and sustainable development.
However, the company faces regulatory challenges in implementing renewable energy solutions, including complex policy frameworks and limited grid connectivity. To overcome these challenges, it believes that closer public-private partnerships are essential.
The company is also planning to obtain environmental clearances for its proposed bauxite mine, which will yield operational and sustainable benefits, including reduced costs and carbon footprint. The project aligns with its sustainability objectives, emphasizing environmentally friendly mining practices and rehabilitation and reclamation of mined land.
Overall, Vedanta Aluminium’s efforts to transition to renewable energy and promote sustainability reflect its commitment to environmental stewardship and responsible business practices.
Before launching his business empire, this Indian billionaire purchased his inaugural property in Mumbai, marking the beginning of his real estate journey.
Here’s a summary of the article:
Anil Agarwal, the billionaire founder and chairman of Vedanta Group, shared his inspiring story of buying his first flat in Mumbai with just Rs 75,000 in his bank account. Agarwal, who now has a net worth of around $2 billion, recalled how he worked hard and believed in himself to achieve his dreams. He wanted to live in the upscale Malabar Hill area, despite being advised to buy a house in the suburbs. After years of struggling, Agarwal finally bought a 330 sq ft flat in Navranga Apartment, which he described as his “biggest achievement”.
Agarwal’s message to aspiring business leaders is to “dream it, believe it, and live it”. He emphasized the importance of starting small, working hard, and believing in oneself, rather than letting others dictate one’s limitations.
The post went viral on X (former Twitter), with many users praising Agarwal’s rags-to-riches story and his inspirational message. Agarwal is known as the “metal king” and is the founder and chairman of Vedanta Resources Limited, a company that has mining and non-ferrous metals operations in India, Australia, and Zambia.
JSW Soorma gears up for a make-or-break showdown with high-flying Vedanta Kalinga Lancers in the semi-finals.
The JSW Soorma Hockey Club is gearing up to face the Vedanta Kalinga Lancers in a crucial match in the Hockey India League at the Birsa Munda Hockey Stadium in Rourkela, Odisha. Soorma, who have won both their matches in Phase 2, are currently fifth on the points table and are in contention for a semi-final spot. The team’s head coach, Jeroen Baart, is confident that his players are ready to face the Lancers, who are placed sixth on the points table, and believes that a win will set them up for a good position to make the playoffs.
Coach Baart highlighted that they won’t change their approach for this match and will make sure that the team is fit and fresh to play. He praised the team’s progress, saying that they have made significant improvements since the beginning of the tournament, with the players showing great eagerness to become better. Baart also cautioned that they will have to be mindful of the Lancers’ standout player, Thierry Brinkman, who has scored nine goals in nine matches, but believes that his team can match the Lancers’ qualities and be ready to face them.
For Soorma, a win against the Lancers would set them up in a good position to make the playoffs, and coach Baart emphasized that they need to be ready, mindful, and sharp to play the best game they can against the opposition. Despite the Lancers’ slim chance of making it to the semi-finals, this match will be crucial for both teams, and Soorma is looking to secure a playoff spot.
Jaswant Singh Meel triumphs at the Confederation of Indian Industry-Vedanta Hindustan Zinc Ltd Golf Cup, taking home the ‘Best CII Golfer Trophy’ in Jaipur.
The 5th edition of the Confederation of Indian Industry (CII)-Vedanta Hindustan Zinc Limited Invitation Golf Cup concluded at the Rambagh Golf Club in Jaipur, with Jaswant Singh Meel winning the “best CII golfer trophy”. The one-day tournament saw around 100 participants from various backgrounds, including golfers, bureaucrats, industry members, judges, army and railway officers, competing in the Stableford Single Pierio format.
The tournament had categories for men, women, veterans (60+), and CII members, with winners and runners-up being awarded in different categories and handicaps. Renowned professional woman golfer Shweta Man Singh from Delhi was also present at the event.
The winners in the handicap categories were Gaurav Rungta (18-24), Anurodh Saraswat (13-17), and Arjun Kuchhal (0-12). The “best veteran golfer” award went to Anshuman Gupta, while Ritu Uberoi won the “best lady golfer” title. Other awards included “closest to the pin” (Akhil Agarwal), “straightest drive” (Abha Gupta), “longest drive” (Siddharth Sharma), and “beat the pro” (Haider Ali).
The prize distribution ceremony was attended by several dignitaries, including General Manager of North Western Railway Amitabha, former Chairman of CII Rajasthan Gaurav Rungta, Rambagh Golf Club Captain Yogendra Singh, and Hindustan Zinc Limited Chief HR Officer Munish Vasudeva. The winners and runners-up were awarded trophies and ITC room vouchers. The event was a success, with all participants enjoying the day of golf and camaraderie.
Assam’s Minister for Industries, Bimal Borah, holds discussions with Vedanta’s CEO, Anil Agarwal, to explore potential partnerships.
Assam’s Minister for Industry, Commerce, and Public Enterprise, Bimal Borah, met with Anil Agarwal, Chairman and Founder of Vedanta Group, during a roadshow in London to explore potential collaborations between the state and the company. The meeting aimed to accelerate Assam’s development journey and discussed various sectors such as agriculture, food processing, handicrafts, tourism, and information technology. Borah emphasized Assam’s growth story as a leading investment destination under the leadership of Prime Minister Narendra Modi and Chief Minister of Assam Dr Himanta Biswa Sarma.
The discussion highlighted Vedanta Group’s philanthropic vision, commitment to social welfare, and emphasis on skill development, entrepreneurship, and sustainable industry practices, which align with Assam’s aspirations for economic empowerment, job creation, and inclusive growth. Borah invited Agarwal to the Advantage Assam 2.0 Investment and Infrastructure Summit 2025, to be held in Guwahati in February.
The Assam government, in partnership with the High Commission of India, hosted the Assam Investment Roadshow in London to attract global investors and showcase the state’s business potential and opportunities. The event aimed to promote Assam’s growth and diversification into various sectors. The Advantage Assam summit is scheduled for February 25-26, 2025.
Assam is known for its tea gardens and petroleum resources and is now diversifying into new sectors. The state’s goal is to become a hub for investments and growth, and the meeting with Vedanta Group is a significant step towards achieving this goal.
Vedanta Aluminium fuels innovation by collaborating with over 70 startups and launching more than 100 projects, driving transformation in the aluminium industry, as highlighted in Manufacturing Today India.
Vedanta Aluminium, a leading player in the aluminium industry, has been driving innovation and sustainability through its collaborations with startups and community development initiatives. According to recent reports, the company has partnered with over 70 startups and executed more than 100 projects within the aluminium industry, sparking innovation and growth.
Vedanta Aluminium has also made significant strides in reducing its environmental footprint. The company has achieved a 28.5% reduction in greenhouse gas emissions from FY12 to FY24, a remarkable feat in the aluminium industry. This reduction is a testament to the company’s commitment to sustainability and its efforts to minimize its carbon footprint.
In addition to its environmental initiatives, Vedanta Aluminium has also invested Rs 1.1 billion in community development projects, supporting local communities and promoting social welfare. This investment demonstrates the company’s dedication to giving back to the communities it operates in and creating a positive impact on the environment.
The company’s innovative approach to aluminium production has also been recognized through its collaborations with startups. By partnering with these entrepreneurs, Vedanta Aluminium is able to leverage new technologies and ideas, driving growth and development within the industry. This approach not only benefits the company but also the startup ecosystem as a whole, fostering a culture of innovation and entrepreneurship.
Overall, Vedanta Aluminium’s commitment to sustainability, innovation, and community development sets a high standard for the aluminium industry. The company’s achievements in reducing greenhouse gas emissions and investing in community development projects demonstrate its dedication to creating a positive impact on the environment and the communities it operates in. As the company continues to drive innovation and growth, it is likely to remain a leader in the aluminium industry and a model for other companies to follow.
Vedanta pledges a carbon-neutral future by significantly slashing emissions – Construction Week Online India
Vedanta, a multinational mining conglomerate, has committed to a net zero future by reducing its greenhouse gas emissions. According to reports, the company has achieved a significant reduction of 28.5% in its greenhouse gas emissions from 2012 to 2024. This achievement is a major step towards its commitment to become a net zero business.
Vedanta’s reduction in emissions is a result of various initiatives and investments the company has made in reducing its carbon footprint. The company has been working to improve its energy efficiency, increase the use of renewable energy, and reduce its dependence on fossil fuels. These efforts have resulted in a significant decrease in its carbon emissions, making it one of the most sustainable mining companies in the world.
Vedanta Aluminium, a subsidiary of the company, has also made significant strides in reducing its carbon footprint. The company has achieved a 28% reduction in its greenhouse gas emissions and has invested Rs 1.1 billion in community development projects. These initiatives are aimed at reducing the impact of the company’s operations on the environment and promoting sustainable development in the communities where it operates.
The company’s commitment to sustainability has also been recognized by various organizations. Vedanta has secured second place in the S&P Global (CSA) rankings, which evaluates the environmental, social, and governance performance of companies from around the world.
Vedanta’s progress towards a net zero future is a significant milestone in the company’s sustainability journey. The company’s commitment to reducing its carbon footprint and promoting sustainable development is a step in the right direction, and it is an example for other companies to follow. As the world grapples with the challenges posed by climate change, it is crucial that companies like Vedanta lead the way in reducing their environmental impact and promoting sustainable development.
The Indian government’s Centre has given the green light for Vedanta’s oil and gas drilling plan in the ecologically sensitive Gibbon sanctuary in Assam.
The National Board for Wildlife (NBWL) has approved a proposal by Vedanta Group’s Cairn Oil & Gas to explore for oil and gas in the eco-sensitive zone of the Hoollongapar Gibbon Wildlife Sanctuary in Assam, India. The sanctuary is home to seven primate species and is considered an important habitat for them. Despite concerns from experts and local communities, the NBWL has cleared the proposal citing “national interest”. The Forest Advisory Committee of the Union Environment Ministry had granted in-principle approval earlier, and the site was inspected by a team from the Union Environment Ministry, the Wildlife Institute of India, and the Assam Forest Department. The inspection report recommended that no commercial drilling take place within the eco-sensitive zone, and the company has assured that exploration will only be for identifying hydrocarbon reserves, with any extraction done outside the ESZ. Local communities have raised concerns about the project, with some stating that no drilling can take place without permission from the Village Council and the Nagaland government.
Fatality reported as worker killed by machinery at Vedanta’s aluminium plant in Jharsuguda
A 22-year-old worker, Liju Majhi, died in an accident at the Vedanta aluminium plant in Jharsuguda on Friday night. Majhi was employed by Runaya Refining and was loading a heavy consignment of aluminum materials onto a truck when a load fell on him, resulting in his death. He was rushed to the district hospital where he was pronounced dead. His family and colleagues gathered at the hospital, demanding a compensation of Rs 50 lakh. However, the plant officials offered Rs 10 lakh, which the family refused. The family is also refusing to allow a post-mortem examination until their demands are met. An official from Runaya Refining expressed regret over the incident and stated that the matter is under investigation. No FIR has been lodged by the Badmal police in connection with the incident. The investigation is ongoing.
Vedanta Group Achieves Global ESG Leadership, With Hindustan Zinc Ranked #1 and Vedanta #5 in the S&P Global Corporate Sustainability Assessment 2024, Solidifying its Position in Pune, India.
Vedanta Group, a global mining company, has made significant strides in Environmental, Social, and Governance (ESG) efforts, emerging as a leader in this space. As per the S&P Global Corporate Sustainability Assessment (CSA) 2024, Hindustan Zinc, a subsidiary of Vedanta, ranked #1 among 9,000+ companies globally. Meanwhile, Vedanta itself was ranked #5.
The CSA assessment evaluates companies’ sustainability performance based on several metrics, including greenhouse gas emissions, water use, and management of environmental, social, and human rights impacts. Vedanta Group’s outstanding performance is a result of its strong commitment to sustainable practices and CSR initiatives. Key initiatives include water conservation efforts, renewable energy projects, and programs promoting sustainable agriculture and forest restoration.
These accomplishments demonstrate the Group’s commitment to creating a more sustainable future while driving long-term business success. The S&P Global recognition validates Vedanta Group’s dedication to ESG excellence, highlighting the company’s global leadership position in this crucial aspect of responsible business practices.
Residents of Pilgao protest against Vedanta’s alleged violations, seeking higher court intervention.
A public interest litigation (PIL) has been filed by farmers and villagers of Pilgao, Goa, against Vedanta Limited, a mining corporation. The petitioners claim that the company has violated Environmental Clearance (EC) requirements while transporting iron ore and are seeking a complete prohibition on night-time transportation. They argue that the noise pollution caused by night-time transportation is disturbing their sleep. The petitioners are also seeking to restrict Vedanta from using the main road that passes through the settlement area for ore transportation, and to adhere to EC conditions. The EC criteria state that the company must follow the Directorate of Mines and Geology’s Standard Operating Procedure (SOP) and only use roads listed in the clearance. The petitioners are also requesting the court to direct the Directorate of Mines and Geology and police authorities to halt night-time transportation. The hearing is scheduled for January 13.
Vedanta plant’s gates are blocked by protesting villagers.
Residents of Bhurkhamunda village in Jharsuguda district, Odisha, protested by blocking gates of Vedanta’s plant to demand resolution of their issues, including pollution-related health problems, lack of job opportunities for local youth, and inadequate Corporate Social Responsibility (CSR) initiatives. The protest, which began on Friday morning, ended in the afternoon after company officials gave a written assurance to address their concerns within 45 days. The villagers had previously met the district administration and company officials, but the issues remained unresolved. Residents alleged that Vedanta had taken over their land, causing pollution and neglect, and had not delivered on promises made. They demanded relocation and an end to the company’s inaction, citing poor living conditions, including a run-down school, and the need for concrete steps towards development.
Vedanta aims to refinance its outstanding junk bonds totaling $450 million, seeking debt relief.
Vedanta Resources Ltd., controlled by Indian billionaire Anil Agarwal, is in talks with banks to secure a loan of over $450 million to repay existing debt. The loan, which could have a tenor of 3-5 years, would be used to refinance Vedanta’s outstanding junk bonds. The lenders involved in the talks include First Abu Dhabi Bank, Barclays, Mashreqbank, and Standard Chartered. Vedanta has been working to reduce its debt, having cut it by over $4 billion since 2022, and aims to repay an additional $3 billion over the next two years. The company’s junk bonds, which were valued at a low point of 50 cents on the dollar in July 2022, have since recovered, offering a return of 80% last year. The loan would help Vedanta continue to reduce its debt burden and improve its financial position.
Anil Agarwal, the visionary behind Vedanta, brings a piece of his entrepreneurial vision to life with the latest deal in London – Business
Anil Agarwal, the founder and chairman of the Vedanta Group, has purchased the renowned Riverside Studio in London, which will now be known as the Anil Agarwal Riverside Studios Trust. The 100-year-old studio has hosted legendary artists such as the Beatles, Amy Winehouse, and Yoko Ono. Agarwal aims to transform the venue into a non-profit cultural hub, promoting a bridge between Eastern and Western cultures. He hopes to bring together Indian and Western artists, showcasing the best of both worlds, including rock concerts and Bollywood movie screenings. Agarwal believes that art has the power to transcend boundaries, unite people, and elevate human experience, and he is committed to making art universally accessible through his #ArtInEveryHeart initiative. He invites Indian artists and the film fraternity to showcase their talent at the world-renowned venue, promising a truly enriching experience. Agarwal’s acquisition of the Riverside Studio is a testament to his personal commitment to fostering creativity and global cultural exchange, with a vision to make art accessible to all, celebrating diverse heritage and inspiring social change.
Kalahandi Residents Urge Odisha CM to Intervene for Permanence of Bauxite Mines for Vedanta’s Lanjigarh Plant
Residents of Kalahandi district in Odisha gathered in a rally in Bhubaneswar to demand immediate action to allocate permanent bauxite mines for the Vedanta plant in Lanjigarh. They sought the intervention of Chief Minister Mohan Chandra Majhi to ensure an uninterrupted supply of bauxite, which has been a major concern for the plant’s operation. The protesters believed that a well-functioning plant would boost the socio-economic growth and development of the tribal-dominated district. A large number of locals participated in the rally, including representatives from various organizations and political leaders. They submitted a memorandum to the Chief Minister through the Collector and District Magistrate of Kalahandi and the Block Development Officer. The memorandum highlighted the importance of the Vedanta plant in the region and the need for a permanent source of raw material (bauxite) to ensure its continued operation. It also mentioned that other companies have been unable to establish plants in the region despite securing bauxite mines, leading to concerns about the impact on livelihoods and the economy.
Vedanta chairman Anil Agarwal secures London’s prestigious Riverside studio
Anil Agarwal, the founder and chairman of the Vedanta Group, has acquired the iconic Riverside Studio in London, a 100-year-old global centre for arts located on the Thames. The studio will now operate under the name “Anil Agarwal Riverside Studios Trust”. Agarwal believes that art has the power to bring people together and elevate human experience, and sees the studio as a premier global destination for showcasing Indian and global arts and culture. He invites Indian artists and the film industry to showcase their talent at the venue, which has hosted performances by famous artists such as the Beatles and David Bowie. Agarwal’s vision is centered on the “#ArtInEveryHeart” initiative, which aims to make art universally accessible and celebrate the rich cultural ties between India and the world. He plans to create a space that nurtures creativity and inspires social change through immersive performances, exhibitions, and cinematic showcases. With this acquisition, Agarwal aims to bring people together through art and celebrate diversity.
Vedanta Publishes Pioneering TNFD Report Highlighting Biodiversity and Environmental, Social, and Governance Risks
Vedanta Limited, a global natural resources company, has released its first Taskforce on Nature-related Financial Disclosures (TNFD) report, setting a new standard for businesses to assess and manage their impact on nature. The report outlines the company’s initiatives to mitigate nature-related risks and leverage opportunities for sustainable growth. Vedanta has implemented transformative initiatives, including a biodiversity offset agreement, independent audits, and a pledge to plant 7 million trees by 2030. The company has also achieved a water positivity ratio in five business units and reduced freshwater withdrawal by 2.7% since 2021. Vedanta’s forward-looking approach aims to expand its disclosures to include upstream and downstream value chains and achieve net-positive biodiversity impact and net-zero carbon emissions by 2050. The company’s efforts aim to not only benefit ecosystems but also establish a new standard for sustainability in the natural resources sector.
Vedanta Awards Western Carriers ₹139 Crore Contract for Material Handling Solutions
Western Carriers, a leading player in the material handling and logistics industry, has bagged a significant order worth Rs 139 crore from Vedanta Limited, a major Indian metals and mining company. The order is for the supply of a range of material handling equipment and solutions to Vedanta’s Alwar refinery project in Rajasthan, India. The scope of work includes the supply of conveyors, stackers, reclaimers, and other material handling systems to ensure efficient and safe transportation of raw materials and finished goods.
The order is a testament to Western Carriers’ expertise and capabilities in designing and implementing customized material handling solutions for complex industrial projects. The company’s equipment and systems will help Vedanta optimize its production processes, reduce costs, and improve overall efficiency.
Western Carriers has a strong track record of delivering successful projects in the materials handling sector, and this order is a significant milestone in the company’s growth journey. The order is expected to boost the company’s revenue and contribute to its future growth plans.
Vedanta leads the way in mining innovation, introducing a new standard of transparency with its pioneering TNFD reporting – Construction Week Online IndiaNote: TNFD stands for Task Force on Nature-related Financial Disclosures, which is a framework for companies to report on their environmental, social, and governance (ESG) risks and opportunities related to biodiversity loss and climate change.
Vedanta, a mining company, has set a new benchmark in the industry by implementing innovative reporting standards using the Task Force on Climate-related Financial Disclosures (TCFD) and the Task Force on Nature-related Financial Disclosures (TNFD). This comprehensive reporting framework aims to provide stakeholders with a better understanding of the company’s climate and nature-related risks and opportunities. The report highlights Vedanta’s efforts to reduce its environmental footprint, promote sustainable practices, and ensure social responsibility. Key initiatives include:
* Reducing greenhouse gas emissions by 40% by 2030
* Increasing the use of renewable energy sources
* Implementing water conservation measures
* Promoting biodiversity and conservation efforts
* Enhancing community engagement and development programs
Vedanta’s TNFD reporting sets a new standard for the mining industry, demonstrating its commitment to transparency and sustainability. The report is a valuable resource for investors, analysts, and other stakeholders seeking to understand the company’s ESG (Environmental, Social, and Governance) performance. By adopting this innovative reporting framework, Vedanta is taking a leadership role in the industry, demonstrating its ability to balance economic, social, and environmental responsibilities.
A flagship stall from Vedanta Aluminium shines bright at Odisha’s Chaiti Mahotsav in Rayagada, drawing in large crowds.
At the Chaiti Mahotsav festival in Odisha’s Rayagada, Vedanta Aluminium’s stall has become a major attraction for visitors. The stall features a fusion of traditional arts and crafts, including Saura paintings, Dokra art, and Shora products from local artisans. The stall also showcases products from self-help groups, a micro-enterprise project empowering women as entrepreneurs. A live Saura art hand-painting counter is drawing significant interest, while the Kalinga Lancers, Vedanta’s hockey team, also has a presence with trophies, player highlights, and merchandise on display. Government officials, including MLA Allapaswamy and Bisamcuttack MLA Nilamadhab Hikaka, visited the stall and appreciated the efforts to promote local art, culture, and entrepreneurship. By participating in the festival, Vedanta Aluminium provides a platform for local artisans to display their skills and products, enabling their potential growth. This event aims to celebrate and promote tribal art and culture in the region. Over 500 artists and 25,000 visitors are expected to participate in this year’s festival, showcasing a vibrant representation of India’s diverse cultural heritage.
Aluminium production rises 3%, while zinc output falls 2%.
Vedanta Ltd. has reported a 3% increase in its aluminum production to 614 kilotonnes in the third quarter, compared to the same period last year. The company’s mined metal production also saw a 3% sequential increase to 265 kilotonnes, driven by higher grades and increased production at the Agucha and Zawar mines. Refined zinc production rose 3% sequentially to 204 kilotonnes. Vedanta reported its best-ever nine-month mined metal production, boosted by improved grades and mill recovery. Additionally, the company achieved an all-time high in refined metal production, with a 3% increase in refined zinc and a 4% increase in refined lead production, driven by plant availability and operational performance.
Vedanta Parent seeks $1 billion cash boost to refinance high-cost debt.
Vedanta Resources, the London-based parent of Indian metals group Vedanta, plans to raise up to $1 billion to prepay and refinance high-yielding debt. The company aims to lower its cost of funding to single digits and upgrade its credit rating. Vedanta’s upcoming debt maturities include $400 million 13.875% bonds due 2028 and $600 million 9.25% non-guaranteed bonds due 2026. The company is looking to raise funds mid-January and plans to allocate them to prepay existing debt. Vedanta has been relying on dividends from its operating entities to meet repayments, but by proactively addressing its maturities, it hopes to improve its credit rating. The company’s current credit ratings are ‘B/Stable’ from S&P Global and ‘B-/Positive’ from Fitch, and it aims to achieve a ‘BB’ rating in the near future.
Vedanta Empowers Young Archers
Sanjay Majhi, a young archer from Vedanta Sports Program, has won a bronze medal in the Indian Round category at the National Thermal Power Corporation (NTPC) Senior National Archery Championship 2024. This is a significant moment for Odisha, as it marks the state’s 21-year wait for a senior category national medal in archery. Sanjay’s achievement is a result of Vedanta Lanjigarh’s support and the company’s Sports Program, which aims to empower local youth and provide opportunities for them to shine nationally and globally. The program, launched in 2018, has supported over 300 athletes, with 110 currently receiving professional training in archery and karate. Vedanta Aluminium believes in nurturing young talent, especially from underprivileged communities, and has trained over 500 youths in various sports.
Sanjay Majhi from Vedanta Sports Program secures bronze at NTPC Archery Championship 2024Let me know if you would like me to make any changes!
Sanjay Majhi, a young archer from the Vedanta Sports Program, has won a bronze medal in the Indian Round category at the NTPC Senior National Archery Championship 2024. This achievement marks Odisha’s first senior national medal in archery in 21 years and is a moment of pride for the state and Vedanta’s Sports Program. The program, supported by Vedanta Lanjigarh, provides comprehensive support to budding athletes, including expert coaching, modern equipment, and logistical support. Since its inception in 2018, over 300 athletes have benefited from the program, with 110 currently undergoing professional training in archery and karate. Vedanta Aluminium’s sports initiative aims to nurture young talent, particularly from underserved communities, and has trained over 500 youths in various sports. The program’s success is a testament to its commitment to empowering local youth and enabling them to shine on national and global platforms.
India grants temporary reprieve to imported coal-based power plants, allowing them to operate at maximum capacity.
India’s government has extended the mandate for imported coal-based power plants to operate at full capacity until February 28, 2024. The move is aimed at ensuring sufficient electricity supply ahead of peak winter months. The country’s coal-fired power output had fallen for the second straight month in September due to slower growth in electricity use and a surge in solar generation. India’s imports of thermal coal also plunged 31.8% in October, the fastest rate of contraction in 15 months. However, the country’s overall coal-based power generation rose by 5% over the period of April-September 2024. This development will benefit power companies such as Tata Power, Adani Power, and Vedanta, which had earlier been directed to operate their imported coal-fired plants.
Vedanta’s Metal Bazaar experiences a significant surge in online engagement, with a remarkable 35% increase in website visitors.
Vedanta Aluminum has launched an ecommerce platform called Metal Bazaar to simplify aluminum procurement for small and medium-sized enterprises (SMEs). Since its launch six months ago, user registrations have increased by 35% and active users by 240%. The platform integrates features such as price locking, real-time shipment tracking, instant ordering, and financial ledger access to streamline the procurement process. The platform has seen near-total adoption of these features, improving transparency and simplifying processes for SME buyers. To further enhance user convenience, Vedanta introduced a WhatsApp chatbot for real-time updates on shipments and orders, which has generated over 150 leads, including 45 related to export orders. Customer satisfaction with the platform is high, with an average rating of 4.3 out of 5. Vedanta Aluminum aims to simplify the aluminum procurement process, improve transparency, and provide reliable solutions that meet business needs. The company accounts for more than half of India’s total aluminum production.
S&P boosts Vedanta Group subsidiary VRL by five notches in a 12-month review, marking a third upgrade from the agency within a year.
Vedanta Resources Limited (VRL) has received its third upgrade from S&P in a year, increasing its corporate family rating from ‘B-‘ to ‘B’. This upgrade comes after VRL successfully completed its consent solicitation exercise, which will provide it with increased debt headroom and a more manageable debt maturity profile. The upgrade also reflects VRL’s sound underlying operations, which support internal cash generation and refinancing efforts. S&P’s stable outlook is based on VRL’s improved capital market access and reduced refinancing risks.
Moody’s and CRISIL/ICRA have also upgraded VRL, citing its commitment to deleveraging, reduced financing costs, and expected increase in profits. VRL has reduced its debt by $4.7 billion in the past two years, and has successfully tapped the bond markets, raising $2 billion and reducing its interest costs by 300 basis points. As a result, VRL’s focus on deleveraging has improved its capital structure. The upgrades reflect Vedanta’s ability to consistently access the bond market, improving its ability to withstand cyclicality in the commodity business. The ratings agencies expect VRL’s strong performance to continue, with a stable outlook for the company.
Over 17,000 students partake in Vedanta’s Swarna Prashan program.
Vedanta Aluminium has completed the 4th phase of its “Swarna Prashan” initiative, a Ayurveda-based immunization drive that has benefited over 17,000 students across Odisha. The program, partnered with the Ministry of Ayush, has reached out to over 6,400 students in 15 government schools in Rayagada and Kalahandi districts. The initiative aims to promote Ayurvedic healthcare practices for the well-being of children. Vedanta Aluminium’s COO, Sunil Gupta, stated that the company is committed to improving child health and well-being in underserved regions through sustainable interventions like Swarna Prashan. The program has already benefited students across 40 government schools and plans to extend it to Koraput district, aiming to reach over 30,000 children by the end of the year. The initiative is a significant step towards promoting Ayurvedic healthcare practices and improving the overall health and well-being of children in Odisha.
Vedanta Aluminium launches a cutting-edge logistics app to streamline internal operations
Vedanta Aluminium has launched an advanced Logistics App, developed in collaboration with Krishca Strapping Solutions, to enhance its transport loading and lashing operations to a global standard. The app features the latest technologies to solve operational challenges, including streamlining vehicle operations, boosting productivity, and providing real-time data access. The app also offers cloud-based data storage for operational data, enhancing data integrity and availability. This digital innovation is aligned with Vedanta’s goals to integrate technology to optimize internal processes for a sustainable future. The app is expected to drive greater efficiency, seamless operations, and contribute to Vedanta’s sustainability goals. The company’s Chief Operating Officer, Sunil Gupta, notes that the app is a pivotal moment in Vedanta’s digital transformation, while the Managing Director of Krishca Strapping Solutions, Rajesh Gupta, is proud to have partnered with Vedanta and looks forward to continuing their partnership and supporting their digital growth.
Vedanta Aluminium Embraces Sustainable Practices, Enhancing Biodiversity and Reducing Carbon Footprint
Vedanta Aluminium has partnered with PwC India to implement biodiversity and carbon reduction initiatives in Odisha. The memorandum of understanding (MoU) aims to restore ecological balance, mitigate climate impacts, and promote community well-being. Vedanta Aluminium’s Chief Operating Officer, Sunil Gupta, emphasized the company’s commitment to setting new benchmarks for responsible business practices in the industrial sector. The partnership aims to conserve natural resources for future generations and promote a healthier, greener planet. PwC India’s Partner, Sandeep Kumar Mohanty, highlighted the company’s efforts to explore advanced strategies for preserving biodiversity and reducing carbon emissions, supporting a more sustainable future for local communities and the environment. The partnership demonstrates Vedanta Aluminium’s commitment to sustainability and environmental responsibility.
Anil Agarwal’s plans for the semiconductor business attract a flurry of interested partners.
Vedanta Group’s Chairman Anil Agarwal announced that the company will begin a foray into semiconductor manufacturing this year, subject to government approvals. This venture is expected to open up a new avenue of rapid growth for the company and is strategic for the country. Agarwal stated that partners have been lined up for the venture, but did not disclose their names. The company will begin by manufacturing semiconductors and display glass, with its subsidiary AvanStrate being one of the largest manufacturers of glass substrate in the world.
The move comes after Vedanta’s Taiwanese partner, Hon Hai Technology Group (Foxconn), pulled out of a $19.5 billion semiconductor-making project. However, Agarwal maintained that Vedanta is committed to the project and has lined up other partners to set up India’s first foundry. The company aims to capitalize on India’s growing demand for semiconductors, with the market expected to reach $63 billion by 2026. Agarwal emphasized the importance of this sector, stating that it will enable Indian youth to have access to affordable electronic devices and help them fulfill their aspirations.
The Vedanta Kalinga Lancers unveil their new jersey and mascot.
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Vedanta unveils new jersey and anthem for Kalinga Lancers
The Odisha-based franchise, Vedanta Kalinga Lancers, unveiled their official jersey and team anthem in Bhubaneswar’s Kalinga Stadium. The home jersey features a striking blue and green combination, while the away jersey has a vibrant orange and white design. The jersey design pays tribute to Odisha’s rich heritage and forward-looking aspirations. Former India captain and coach, Dr. A.B. Subbaiah, was appointed as the team manager. He emphasized the team’s goal to win again, with overseas players providing a driving force. Subbaiah also highlighted the opportunity for eight young players from Odisha to learn from experienced teammates. The event was attended by Sports and Youth Services Minister Suryabanshi Suraj, COO of Vedanta Aluminium and Director of Kalinga Lancers, Sunil Gupta, and Indian players. The team’s mission is to excel in the upcoming Hockey India League.
Vedanta Aluminium significantly reduces its energy footprint, achieving a noteworthy savings of 1.3 million GJ annually, further solidifying its commitment to sustainability.
Vedanta Aluminium has made significant progress in sustainable industrial practices, achieving a 1.3 million Giga Joules reduction in energy consumption, aligning with India’s energy conservation goals. This is a 10.16% reduction in greenhouse gas (GHG) intensity compared to 2021. The company’s efforts have also led to the addition of 1.3 GW of renewable energy capacity. Vedanta has implemented various innovative measures to reduce energy consumption, including upgrading to graphitised cathode, deploying pot controllers, reducing coal consumption, and offering energy efficiency training programs. The company’s commitment to sustainability is evident, with Sunil Gupta, Chief Operating Officer, highlighting the importance of innovations and adherence to ISO 50001 standards for Energy Management. This demonstrates Vedanta’s dedication to industrial progress while minimizing environmental impact.
Vedanta’s dividend decision, Reliance’s massive acquisition, and more, in today’s market news.
The provided content covers various business-related updates in India. Several companies, including Vedanta Limited, Reliance Industries, Lupin, and others, have made major announcements regarding their financial status, strategic acquisitions, contracts, and fundraising plans.
Vedanta Limited has called a board meeting to discuss its fourth interim dividend for the financial year 2024-25.
Reliance Industries has purchased a majority stake in Mumbai Industrial Developer for ₹16.28 billion (approximately USD 192 million)
Lupin has broadened its presence in the pharmaceutical market with the acquisition of three diabetes-related trademarks worth approximately USD 2-3 million.
Rites has bagged a prestigious border infrastructure project worth over ₹297 crore ( approximately USD 37 million ).
Other highlights include Aurobindo Pharma facing ₹10.48 crore as GST demand, Aeroflex Industries planning to raise up to ₹400 crores, Afcons securing ₹1,007 crorE Bhopal Metro Rail Contract, HBL Power Systems winning €1,522.3 crores train safety order. These updates demonstrate growing companies with diverse business developments and are expected to increase transparency
Union government officials show unwavering trust in Vedanta, rather than ancient scriptures, in regard to the tungsten mining project in Madurai,
Madurai MP Su Venkatesan criticized the Union government for prioritizing corporate interests over the well-being of people, citing the example of the proposed tungsten mining project by Hindustan Zinc Ltd., a subsidiary of Vedanta. He accused the government of deliberately downplaying the project’s risks and avoiding mentioning local names to undermine public resistance. Citing international studies, Venkatesan warned of severe health risks, including cancer and cardiac illnesses, from tungsten mining waste. He condemned the project, which he believed posed an imminent threat to the environment and the livelihoods of locals. Venkatesan also expressed frustration with the Union minister’s response to his concerns, calling it “insincere” and “defamatory”. He urged continued protests until the Union government withdraws the project and urged people to remain steadfast in opposing the project to prevent it from repeating the mistakes of the past, such as the controversies surrounding Vedanta’s operations in Tuticorin.
India’s Corporate Pockets Overflow: 2024 QIP Fundraising! Vedanta Group and Zomato Cash In – ET Now
According to a report by ET Now, Indian firms have raised a staggering Rs 1.27 lakh crore (approximately $17.5 billion USD) through Qualified Institutional Placements (QIPs) in 2024. This is a significant increase from the previous year’s total of Rs 94,000 crore. The Vedanta Group, Zomato, and other major companies have been among the key contributors to this surge in QIP fundraising.
The Vedanta Group, led by Anil Agarwal, has raised Rs 35,000 crore through QIPs, making it the largest QIP fundraiser in 2024. Zomato, the food delivery platform, has also raised a significant amount of Rs 25,000 crore. Other notable companies that have raised funds through QIPs include Hindustan Unilever, ICICI Bank, and Axis Bank.
The QIP route allows companies to raise capital from institutional investors, such as mutual funds, insurance companies, and foreign institutional investors. The funds raised through QIPs can be used for various purposes, including debt repayment, capital expenditure, and working capital requirements. The surge in QIP fundraising in 2024 is expected to support the growth plans of Indian companies and help them navigate the current economic challenges.
Vedanta Establishes ‘VeDakshata’ Skills Development Centre in Sundargarh, Odisha
Vedanta Aluminium has launched a new skills training centre called “VeDakshata” in Bileimunda village, Sundargarh district of Odisha, to empower the local youth. The centre aims to provide placement-linked training to underprivileged youth and cater to aspiring youth from Hemgir and Lakhanpur blocks in the district. The training centre has 105 students enrolled for its first batch and is equipped with contemporary infrastructure, including a multipurpose hall, digital training room, and separate hostel facilities for boys and girls. The initiative is a part of Vedanta’s mission to uplift the socio-economic fabric of the region and provide industry-relevant training to the youth. The centre has partnered with LearnNet Skills Limited and offers courses in sewing machine operation, electrical maintenance, and food and beverage services. The project aims to train 700 rural youths over the next three years. The inauguration ceremony was attended by district officials, including the Sub-Collector, and representatives from local communities.
Here is a reworded version of the line:Vedanta Aluminium Achieves 1.3 Million Gigajoules in Energy Savings Through Sustainable Initiatives
Vedanta Aluminium, India’s largest producer of aluminium, has achieved 1.3 million Giga Joules (GJ) of energy savings through innovative measures aimed at enhancing energy efficiency and reducing greenhouse gas (GHG) emissions. The company has reduced its GHG intensity by 10.16% against the 2021 baseline, positioning it as a frontrunner in the global effort to reduce carbon emissions. Vedanta Aluminium has implemented several initiatives to enhance sustainability and operational efficiency, including installing graphitized cathode enhancements, deploying indigenously-developed pot controllers, and reducing specific coal consumption in its power plants. The company has also sourced 1.3 GW of renewable energy, marking a major step towards a cleaner, more sustainable operations. Vedanta Aluminium has also implemented comprehensive energy efficiency training initiatives for its employees to optimize energy use and adhere to international standards. The company has ranked 1st in the S&P Global Sustainability Assessment 2023 for the aluminium industry, and its mission is to spur emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.
The entrepreneurial venture Vedanta sets up a training centre in Odisha’s Sundargarh to promote skills development.
Vedanta Aluminium has established a skills training centre, “VeDakshata”, in Bileimunda village, Sundargarh district, to empower local youths from underprivileged backgrounds. The centre provides placement-linked training in various trades such as sewing, electrical maintenance, and food and beverage services. The initial response has been strong, with 105 students enrolled in the first batch. The centre is equipped with modern infrastructure, including a digital training room, hostel facilities for boys and girls, and separate training rooms. The initiative aims to skill 700 rural youths over the next three years and connect them with job opportunities beyond their immediate surroundings. Vedanta Aluminium COO Sunil Gupta emphasized the importance of skill development in uplifting the socio-economic fabric of the region, while the government’s presence at the centre’s inauguration marked its support for the initiative.
Ketan Abhonkar, a talented athlete from Pune, will demonstrate his unique joggling skills at the Tata Steel World 25K in Kolkata.
Ketan Abhonkar, a Pune-based athlete, will make his debut in joggling, a sport that combines juggling and running, at the Tata Steel World 25K Kolkata 2024 on December 15, 2024. Joggling is a test of physical endurance and mental concentration, and Abhonkar aims to popularize it in India. He has been training intensively to perfect his balance and coordination while maintaining his running stamina. Abhonkar has completed marathons and half-marathons in the past, including the Tata Mumbai Marathon, Vedanta Delhi Half Marathon, and Pune International Marathon. He plans to set a new record by joggling 25 kilometers. His goal is to inspire people to think differently about endurance sports and explore new ways to push their limits. The event will be a unique addition to the Tata Steel World 25K Kolkata, a World Athletics Gold Label Race, and is expected to attract attention from runners and sports enthusiasts. Abhonkar’s performance could mark the beginning of increased awareness and interest in joggling in India.
Vedanta’s latest initiative: ‘VeDakshata’ skills training centre launched in Odisha’s Sundargarh.
Vedanta Aluminium, India’s largest aluminum producer, has launched a new skills training centre called ‘VeDakshata’ in Bileimunda village, Sundargarh district, Odisha. The centre aims to provide placement-linked training to underprivileged youth in the region and cater to aspiring youths from Hemgir and Lakhanpur blocks. The centre has already received a strong response, with 105 students enrolled in the first batch. The centre is equipped with modern infrastructure, including a multipurpose hall, digital training room, and separate hostels for boys and girls. The training program offers courses in sewing machine operation, electrical maintenance, and food and beverage services. Vedanta Aluminium has partnered with LearnNet Skills Limited to drive this initiative, which aims to train 700 rural youths over the next three years. The centre is expected to empower the youth and drive economic progress in the district.
Unlocking competitive advantage: How adopting startup-like agility and innovation helps established companies stay ahead of the curve.
Vedanta, a mining giant, has seen success by partnering with a startup to implement predictive maintenance solutions. The solution has improved production by reducing unplanned downtime, and Vedanta is now scaling it across its business units. The company’s chairman, Anil Agarwal, has pushed for a culture of working with startups, following a model of open innovation and co-creation. The Union ministry of electronics and IT, along with nasscom, is promoting this model through the MeitY nasscom CoE, which matches enterprises with startups.
Other companies, such as biopharma company AstraZeneca and technology firm Mitsubishi Electric, have also seen success by partnering with startups. AstraZeneca has worked with startups on various projects, including early diagnostics and managing conditions. Mitsubishi Electric has co-innovated with startups on robotics, predictive maintenance, and material properties. However, there will be challenges, such as the need for startups to understand the enterprise’s business context and for patience. Enterprises will need to be open to working with startups and willing to adapt to their agile approach. The potential benefits, however, include increased innovation, cost savings, and improved production levels.
Vedanta accelerates its digital transformation with the successful implementation of RISE with SAP, powered by STL
STL Digital, a wholly-owned subsidiary of STL, has successfully deployed RISE with SAP S/4HANA Cloud for eight Vedanta companies, including Hindustan Zinc, Sterlite Copper, and others, globally. The deployment was part of Vedanta’s VRISE program aimed at enhancing synergy, efficiency, and visibility in operations. The program aimed to create a single cloud platform across the entire group, laying the groundwork for future transformations and shared operations. The deployment was completed in just 6.5 months, setting a benchmark for the metals, mining, and oil & gas industry. The partnership between STL Digital, SAP, and Vedanta enabled seamless execution, driving a digital-first culture and future readiness. The successful implementation has earned STL Digital several awards, including the SAP ACE Awards 2024. STL Digital is a global IT services and consulting company dedicated to delivering exceptional digital transformation experiences for enterprises, with a comprehensive portfolio of services including product engineering, cloud and cyber security, data and AI, and enterprise SaaS.
Vedanta Incurs Rs 1.71 Crore Tax Liability for Financial Year 2018
Vedanta Ltd, a mining and natural resources company, has received a tax demand of Rs 1.71 crore (approximately $235,000) for the financial year 2017-2018 (FY18). According to a filing with the National Stock Exchange (NSE), the company has been slapped with a demand from the Income Tax Department, alleging that Vedanta did not comply with the transfer pricing regulations. The tax authority has asked the company to pay the amount as taxes owed, along with an interest of 24.25% per annum on the outstanding amount since August 2019. The demand includes an amount of Rs 1.46 crore for income tax and an additional Rs 25 lakh as interest. Vedanta has reportedly filed an appeal with the Income Tax Appellate Tribunal (ITAT) against the tax demand. The company did not provide any further comments on the matter. The demand is a significant portion of Vedanta’s FY18 profit, which was reported to be Rs 6,443 crore (approximately $880 million).
Innovation Marks a Major Development: India’s Zinc Industry Achieves a Historic Milestone with the Launch of the World’s First Zinc Park
Vedanta Hindustan Zinc, the world’s second-largest integrated zinc producer, announced the establishment of the world’s first industrial zinc park in Rajasthan during the Rising Rajasthan Global Investment Summit 2024. The park is a key part of Vedanta’s ₹1 lakh crore investment in Rajasthan across zinc, oil and gas, and renewable energy sectors. The zinc park aims to create a transformative industrial ecosystem, bolstering both upstream and downstream industries in the metals and manufacturing sectors. The park will be situated near Hindustan Zinc’s world-class facilities and will generate thousands of jobs, offer unparalleled infrastructure, and be powered entirely by renewable energy. The project is expected to create over two lakh jobs and support more than 500 downstream industries across various sectors. The announcement marks a significant moment in Rajasthan’s industrial landscape and establishes the state as a key player in the global metals and manufacturing sectors.
Indian conglomerates Adani, Birla, Mahindra, and Vedanta outline their investment strategies.
The Rising Rajasthan Summit kicked off in Jaipur, attracting top industrialists from around the world. Prior to Prime Minister Narendra Modi’s address, several prominent business leaders shared their views and investment plans for the state’s growth. Vedanta’s Anil Agarwal highlighted Rajasthan’s mineral resources, announcing potential investments of Rs 1.5 lakh crore, including Rs 40,000 crore for the state, and plans to create 5 lakh jobs. Adani Group’s Karan Adani pledged Rs 7.5 lakh crore across multiple sectors, with half to be invested within five years, and emphasized the state’s progress under Chief Minister Bhajan Lal Sharma. Kumar Mangalam Birla of Birla Group announced investments of Rs 50,000 crore in cement, textiles, and renewable energy, while Anand Mahindra of Mahindra Group praised the Jaipur SEZ and shared his company’s 20-year journey in the state. The leaders emphasized their commitment to investing in Rajasthan and creating jobs in various sectors.
Vedanta Group plans to invest a massive Rs 1 lakh crore in zinc and oil production, with a focus on developing a state-of-the-art industrial park.
Vedanta Group Chairman Anil Agarwal announced plans to invest Rs 1 lakh crore to boost zinc and oil production, creating 5 lakh jobs. Agarwal stated that this investment will increase production and generate employment opportunities. He also revealed plans to set up an industrial park to encourage entrepreneurship and industrial growth. The park will allow entrepreneurs to set up industries with investments ranging from Rs 5 crore to Rs 500 crore. Agarwal praised Rajasthan’s potential, citing its hardworking human resources and abundance of natural resources. He commended the state government’s support and urged other companies to invest in Rajasthan. Agarwal expressed optimism that the state would witness significant economic growth under the new Chief Minister, who has prioritized growth initiatives. The Rising Rajasthan Global Investment Summit is currently underway in Jaipur to attract global investors and showcase the state’s potential.
India’s exceptional business leaders, including Vedanta’s CEO Anil Agarwal, take pride in the country’s impressive talent pool that propels innovation at global corporate giants.
Vedanta Group Chairman Anil Agarwal has praised India’s talent dominance globally, calling it “the CEO factory of the world”. He shared a post highlighting CEOs of big international companies who are of Indian or Indian-origin. The post mentioned CEOs of companies like Google, Microsoft, World Bank Group, Adobe, and IBM, who have risen to the top positions. The article then provides brief biographies of these CEOs, including Sundar Pichai of Google, Satya Nadella of Microsoft, Neal Mohan of YouTube, Ajay Banga of the World Bank Group, and Shantanu Narayen of Adobe. All of these CEOs have strong educational backgrounds in India and the US, with degrees from top universities like Stanford, University of Pennsylvania, and Indian Institute of Technology. Agarwal’s remarks come as India’s talent pool continues to shine globally, with many Indian-origin individuals holding top positions in international companies. The article highlights the impressive achievements of these CEOs and the country’s ability to produce top talent.
Vedanta Chairman Anil Agarwal praises India’s remarkable talent pool, citing its dominance at the helm of global corporate giants, notes ET Now.
Vedanta Chairman Anil Agarwal praised India’s talent dominance at global giants, stating that India has a “CEO factory” producing top-notch leaders. The Chennai-born steel tycoon credited India’s education system and cultural values for fostering talented individuals who are now leading global organizations. He emphasized that India’s unique combination of quality education, intellectual curiosity, and cultural values have been instrumental in producing outstanding leaders in various industries.
Agarwal noted that several Indian-origin leaders are at the helm of global companies, such as Satya Nadella at Microsoft, Sundar Pichai at Google, and Shantanu Khedekar at Coca-Cola. The continued success of Indian talent in the global arena, he believes, is a testament to the country’s rich cultural heritage and educational system, which he regards as the country’s greatest strength. Despite the many challenges Indian companies face, Agarwal is confident that the “CEO factory” will continue to produce top-notch leaders, enabling India to play a significant role in shaping the global economy and business landscape.
OSPCB slaps Rs 71 crore fine on Vedanta for environmental regulations breach
The Odisha State Pollution Control Board (OSPCB) is planning to take action against Vedanta Limited for illegally dumping fly ash in Jharsuguda, Sambalpur, and Sundargarh districts. The company was fined Rs 71 crore for violating norms. A senior OSPCB officer stated that the penalty was imposed after it was established that Vedanta was dumping fly ash in violation of rules. The company had been given a show cause notice in August, and its case will be submitted to the chief secretary, who is the chairman of OSPCB. Once approved, Vedanta will be asked to deposit the fine. The OSPCB has also instructed district administrations to ensure that fly ash is not dumped randomly by any company. A Congress MLA had earlier demanded action against Vedanta for violating consent-to-operate norms and dumping fly ash without approval. The MLA had pointed out that Vedanta had been directed to show cause within 15 days, but no action had been taken. The OSPCB has now vowed to take strict action against companies that violate environmental rules.
Vedanta Initiates Mining Venture in Odisha, Sparking Hope for Economic Growth
Vedanta Aluminium’s Sijimali Bauxite Block in Odisha’s Kalahandi and Rayagada districts is launching a development project. The project is expected to generate estimated Rs 2,200 crore annually for the state government, which will support infrastructure development and social welfare programs. The company plans to invest Rs 1,200 crore over 25 years in local development through two dedicated funds, managed by a board with public representatives from both districts. The project is expected to create over 1,500 jobs, both directly and indirectly, and will provide vocational training and entrepreneurship programs for local communities. The company has committed to engaging with local tribal communities and addressing issues related to health, education, and livelihoods. Environmental measures will also be taken to preserve biodiversity. Overall, the project aims to promote sustainable development in the region.
Vedanta is on track to achieve a record-breaking year in FY2025, with significant strides in renewable energy, unprecedented production, and pending alignment with its EBITDA target of approximately $10 billion.
Vedanta’s FY2025 goals include setting new records in renewable energy adoption, production, and reaching the 10 billion EBITDA target for its Aluminium (Al Circle) business.
Specifically, Vedanta aims to achieve:
* Achieve record-breaking renewable energy adoption, indicating a significant shift towards environmentally friendly practices
* Meet the 10 billion EBITDA target for the Aluminium Circle business, demonstrating growth and financial success
* Continue to produce records in terms of production, showcasing the company’s capabilities and output
These goals demonstrate Vedanta’s commitment to a sustainable and commercially successful future, prioritizing both environmental and financial performance.
Vedanta’s efforts to extract bauxite from Sijimali will be a crucial step towards driving development in the region.
Vedanta Aluminium has expressed confidence that the Sijimali bauxite block it owns has the potential to transform the socioeconomic status of the inhabitants and primitive tribes of Kalahandi and Rayagada districts. The company plans to invest Rs 1,200 crore over 25 years through the Lanjigarh Periphery Area Development Fund and proposed Sijimali Periphery Area Development Fund. The Sijimali Bauxite Mine is expected to generate Rs 2,200 crore in revenue for the state’s public exchequer, enabling infrastructure development for the next 50 years. The project is expected to create over 1,500 direct and indirect jobs and improve the locals’ health, education, livelihood, and environment. The tribal community’s participation in the development process will significantly impact the region’s overall growth.