Vedanta Anil Agarwal

In which we munch over the week's platter of news and views

Winning government funding is key to fulfilling Agarwal's chip dream, given his broader empire is facing intensifying financial strain

The change reflects the possibility of higher-than-expected financial leverage and lower financial flexibility with reducing ratio of cash surplus to one-year maturities for FY23 and FY24

Vedanta dividend 2023: The company has already given four interim dividends totalling Rs 81 so far in the current financial year

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy companies. But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as violation of the contract which provides fiscal stability. The SAED initially was Rs 23,250 per tonne (USD 40 per barrel) and in fortnightly revisions brought down to Rs 3,500 per tonne. This is in addition to the 10-20 per cent royalty on price of oil and gas realised and an oil cess of 20 per cent. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from sale of oil and .

Agarwal is evaluating the possibility of divesting a less than 5% stake in the Mumbai-listed company, said the people, who asked not to be identified as the information is private

The government has threatened to take legal action to stop Agarwal's Vedanta Group from selling the unit to its subsidiary Hindustan Zinc Ltd., which is around 30% state-owned

Walker comes into Cairn Oil & Gas after Prachur Sah quit the firm to join Indus Towers Ltd as managing director and CEO effective January 3, 2023

Chairman Anil Agarwal said on the sidelines of the annual World Economic Forum the first phase of Vedanta's project will entail an investment of $2 bn

Vedanta's group firm Avanstrate, which will spearhead the semiconductor business, expects to roll out electronic chips and displays from Indian manufacturing plants by 2025

Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore programme to boost electronic chip and display ecosystem

Metals and mining magnate Anil Agarwal on Friday announced teaming up with London-based firm Centricus to create a USD 10-billion fund that will invest in stake sale of public sector undertakings. Centricus is a global investment firm. Agarwal, who is the executive chairman of Vedanta Resources said in a tweet, "Teamed up with London-based firm Centricus to create a USD 10-billion fund that will invest in stake sale of public sector companies. We are excited with the Union Budget's strong focus on disinvestment and would like to participate in the exercise." He further tweeted that "@Hindustan_Zinc & @Balco_India exemplify our track record of turning around companies post disinvestment without retrenching a single employee." Vedanta Resources Ltd is a globally diversified natural resources company.

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Metals and mining magnate Anil Agarwal on Tuesday said around 500 mines in the country are currently not operational due to various disputes

Agarwal's contribution this year has risen by 90 per cent from previous

In the event, Vedanta RBB fails to get bids for at least 1.34 billion shares--- the minimum required for the promoters to acquire 90 per cent shareholding-the delisting bid would fail

Firm raises Rs 3,520 cr despite firm being cash surplus; It cannot use the proceeds directly for parent company

Videocon is undergoing insolvency proceedings at the NCLT with a separate bidding process being undertaken for the Ravva block

The proceeds of the offering will be used to partially fund the privatisation

The stock will be replaced by HDFC Life Insurance Company with effect from July 31. It will be replaced by SBI Cards in the Nifty 100 and Nifty 500 indices