Page 3 - Vedanta

Top headlines: Adani Green Energy capex plan, Tata Motors-Uber deal

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Centre wants work on at least one semiconductor facility to start in 2023

So far, the Centre has received three applications for chip manufacturing in India

Stocks to Watch: Asian Paints, Adani Green, JK Tyre, Tata Motors, GR Infra

Stocks to Watch: Adani Green Energy (AGEL) has decided to review its capital expenditure (capex) plan of Rs 10,000 crore for financial year 2023-24 (FY24)

Centre opposes Vedanta's $3-bn zinc asset sale over concerns of valuation

In a setback to billionaire Anil Agarwal's mining group, the government has opposed Vedanta Ltd's proposal to sell its international zinc business to Hindustan Zinc Ltd for USD 2.98 billion over concerns of valuation. The government has threatened to take legal action to stop the sale of the Africa-based assets to HZL, in which it holds a 29.54 per cent stake. In a letter to HZL, posted by the company to stock exchanges, the Ministry of Mines said the deal is a "related party transaction" and the government would "like to reiterate'' its dissent. HZL in January agreed to buy THL Zinc Ltd Mauritius from its parent, Vedanta Ltd, for USD 2.98 billion in phases over 18 months. Vedanta holds a 64.92 per cent equity share of Hindustan Zinc ltd (HZL), which is an integrated producer of zinc, lead and silver. HZL in a separate filing said it would place the ministry's letter before the board and that a meeting of the shareholders to approve the deal was yet to be called. The Rajasthan-ba

Vedanta-Foxconn selects Dholera SIR for 1st semiconductor facility in India

A joint venture of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn has finalised the Dholera Special Investment Region near Ahmedabad city of Gujarat for setting up their semiconductor and display manufacturing facility, a senior state government official said on Monday. In the biggest ever corporate investment in the history of independent India, a joint venture of Vedanta and Foxconn in September last year signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs 1,54,000 crore to set up the plant in the state. This will be the first manufacturing facility for semiconductors in India. At that time, the joint venture company had not disclosed the exact location of the facility. "After a detailed site analysis in consultation with Gujarat government authorities, the joint venture entity of Vedanta and Foxconn has selected Dholera SIR for setting up their semiconductor and display manufacturing facility. The project is in the advanced

Centre opposes Hindustan Zinc's $2.98 billion deal for Vedanta zinc assets

Directors nominated by the government at Hindustan Zinc had dissented to the proposed deal announced on Jan. 19, the letter showed

Hindustan Zinc to talk to mines ministry to acquire Vedanta's assets

Hindustan Zinc is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd, Hindustan Zinc CEO Arun Misra said. Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in Hindustan Zinc Ltd (HZL) that was privatised more than two decades ago. The meeting is expected shortly, Misra said. "...we are reading in various newspapers about the comments of various minority shareholders. I have not met anybody personally. Once I meet them and know exactly what is their view then may be I can comment. I won't be able to offer any comment on other's comments which I can't verify personally," Misra told PTI. According to a source, the objections on the proposal were raised by all three government directors in the nine-member HZL board. Misra further said that the "board meeting deliberations by law are also only the output of the board meeting that

India in talks with 4 semiconductor companies to set up fabs here: Report

Among the companies that have shown interest are New York-based GlobalFoundries and a 'major' Korean semiconductor firm

Vedanta Resources' liquidity depends on $2 bn fundraising: S&P report

Sustaining after September 2023 would depend on completing one of two key transactions

Vedanta picks David Reed as CEO of its Gujarat semiconductor business

Reed began his career at Texas Instruments in 1984, where he served for 26 years

Govt planning to oppose Hindustan Zinc's proposal to buy Vedanta assets

The plan was pushed through even after government officials refused to approve it, they said, adding the government is trying to nudge Hindustan Zinc to withdraw the proposal

Vedanta appoints industry veteran David Reed as semiconductor business CEO

Anil Agarwal-led Vedanta Ltd on Monday named industry veteran David Reed to head its semiconductor unit where it is looking to invest USD 20 billion to manufacture chips essential for mobile phones to laptops and TV sets. In an interview with PTI, Agarwal said the group is looking to start manufacturing semiconductors at Dholera in Gujarat in 2-3 years. "We will start with USD 5 billion investment and scale it up as years go by," he said. The semiconductors will be manufactured in joint venture with Taiwanese electronics company Foxconn. Vedanta holds a 63 per cent interest and the remaining is with Foxconn in the joint venture. The company plans to initially produce 40,000 wafers a month. Before joining Vedanta, Reed was with NXP Semiconductors, where he was Executive Vice President and General Manager of global operations. He moved to NXP as part of the merger with Freescale Semiconductor, where he had served as Senior Vice President for manufacturing operations. Previously, Da

JSPL, NTPC, Vedanta among 59 firms that submitted bids for 36 coal blocks

The government on Tuesday said that 59 companies, including JSPL, NTPC and Vedanta, have submitted bids for 36 coal blocks that were put up for sale under the commercial mines auction. A total of 96 bids were submitted for the coal blocks. "A total of 96 bids were received under two tranches of commercial coal mine auctions," the coal ministry said in a statement. This is the highest ever bids received since the launch of commercial coal mines auction in the year 2020, the ministry said, adding, a "total of six public sector companies had submitted the bids in the ongoing round of commercial coal mines' auction as well". "Under sixth tranche of auctions, a total of 86 bids both online and offline were received against 32 coal mines and three bids were received only offline but not online, and two or more bids have been received for 25 coal mines i.e. 79 bids (both online and offline) against 25 coal mines, and 7 coal mines have received single bids (both online and offline)," the

Vedanta shelves plan to sell its copper smelter in Tamil Nadu

Restarting the smelter will lead to a surge in India's copper output and cut imports

Sensex ends choppy day 170 pts up, Nifty at 17,650; IT stocks lead gains

Closing Bell: Broader markets trailed gains in benchmark indices. The BSE Midcap and Smallcap indices closed up to 0.2 per cent lower

Stocks to Watch: Adani Group, Bajaj Finance, Zomato, Tata Motors, L&T, NMDC

Stocks to watch today: In a 413-page document, Adani retaliated against the American short-seller, saying the document was a "malicious combination of selective misinformation and concealed facts"

Low output pulls Vedanta net profit down 41% to Rs 2,464 crore in Q3

Firm clocked revenue of Rs 33,691 crore, down 7% from the previous quarter

Vedanta's Q3 net profit falls 42%, announces dividend of Rs 12.5 a share

Vedanta Q3 result: On a quarterly basis, however, the profit is up 15 per cent

Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more

Business Standard brings you the top headlines at this hour

Stocks to Watch: RIL, PVR, HUL, Bata India, Sun Pharma, Vedanta, LTTS, Auto

Stocks to watch today: Jubilant Foodworks plans to open 3,000 Domino's stores - 250 stores for Domino's India in the next 12-18 months. It also plans to start 40-50 stores for Popeyes India