Page 35 - Vedanta

Vedanta to save Rs 800 per tonne in long-term bauxite deal with OMC

After years of struggle to secure raw material for its Lanjigarh alumina refinery following Niyamgiri fiasco, Vedanta has finally cliched a deal with state-owned Odisha Mining Corporation (OMC) for supply of bauxite to its beleaguered plant.As a result, Vedanta is expected to get 0.8 million tonne of bauxite from the OMC in the current financial year at a price which is estimated to be Rs 700 to Rs 800 per tonne cheaper compared to the landed cost of bauxite at the Lanjigarh plant site at present. In the first ever auction of bauxite in the country, Vedanta along with Hindalco and Anrak Aluminium have snatched up 0.19 million tonne of bauxite offered by OMC from its newly opened Kodingamali mines in Koraput district.In the process, OMC has discovered the rate for long term supply of bauxite to Vedanta which is estimated at about Rs 465 per tonne at the pithead excluding the royalty payment to the state government and statutory contribution to district mineral foundation (DMF) and ...

Vedanta's request to renew copper smelter operations in Tamil Nadu rejected

The smelter, run by Vedanta's Sterlite Copper unit, is controlled by Vedanta Ltd, a majority-owned subsidiary of London-listed Vedanta Resources

Vedanta may pay high logistic cost to haul bauxite from Odisha refinery

Even as mining entity Vedanta looks at entering into a long-term contract with Odisha Mining Corporation (OMC) to secure bauxite for its Lanjigarh (Kendrapara district) alumina refinery from the latter's newly opened Kodingamali mines, the company is worried about escalation in the cost of procuring the raw material.Unlike the Niyamgiri bauxite deposits, located close to the Lanjigarh plant, which was denied to the company after protests by locals and ecology activists, Kodingamali is 130 km away. There being no direct rail link with the mining site, the transportation cost, whether via an indirect rail route or by road, is estimated at Rs 1,000-1,200 a tonne. This could push the bauxite price by more than 100 per cent by the time it reaches the Lanjigarh plant."Logistics is an issue. In a competitive market, when companies like Nalco and Hindalco have refineries next to their captive mines, and have the advantage of carrying bauxite to their plants at negligible cost through a ...

Essar will bring in strong shareholder value to Vedanta portfolio: Agarwal

Executive Chairman and Vedanta Group founder Anil Agarwal is bidding aggressively to grab a sizeable share in the domestic steel industry

Vedanta gets letter of intent for Electrosteel in insolvency auction

Though Vedanta did not disclose the bid value, it is believed to have offered Rs 55 billion for Electrosteel Steels, which owes banks Rs 103 billion

Vedanta eyes Electrosteel for value addition, says chairman Navin Agarwal

Says the company is investing $8-9 bn in next two to three years to ramp up capacity under a major expansion programme

Vedanta to invest Rs 12.4 bn on Jharsuguda unit to raise aluminium capacity

The SLSWCA referred Vedanta's expansion case to the High Level Clearance Authority (HLCA), the highest body to approve investments in the state

Input commodity inflation to keep Vedanta's aluminium making cost high

Pain from rising input costs is more for Vedanta than for Hindalco and Nalco, as it doesn't have captive bauxite resources; volume ramp-up hasn't helped either

Fix retrospective tax issues to comfort foreign investors: Vedanta to govt

Mining mogul Anil Agarwal-led Vedanta Ltd has asked the government to resolve retrospective tax issues to give comfort to foreign investors to invest in the almost stagnant domestic oil and gas exploration sector. Vedanta, which in 2011 bought Cairn India to enter oil business, is facing a Rs 20,495 crore tax demand that was raised using a legislation that gave the tax department powers to raise tax demand retrospectively. In a tabloid-sized flier titled 'Exploration of Oil & Gas and Mining of Metals and Minerals - Nation's Key to Prosperity', it asked the government to "resolve retrospective tax issues to give comfort to foreign investors." Cairn India had in 2015 received an order from the Income Tax department for its alleged failure to deduct withholding tax on capital gains arising during 2006-07 in the hands of its erstwhile parent, Cairn Energy Plc. The demand of Rs 20,495 crore comprises Rs 10,248 crore tax and interest of Rs 10,247 crore. The company has ...

Vedanta eyes zero alumina imports by 2020

Diversified metals & mining conglomerate Vedanta Ltd is aiming at zero alumina imports by 2020. By then, the company is looking to reach its full nameplate capacity of six million tonnes per annum (mtpa) at its Lanjigarh alumina refinery in Odisha.The Lanjigarh refinery's present de-bottlenecked capacity is 1.7-2 mtpa. Vedanta's ramp up to six mtpa is subject to approvals by the Odisha government and clearances from the Union ministry of environment, forest & climate change (MoEF&CC)."We feel we should be able to reach our full design capacity at Lanjigarh by 2020. Once the refinery produces six million tonnes of alumina each year, the whole of it would be converted into aluminium. By 2020, Vedanta's aluminium production capacity is expected to reach three mtpa. All our aluminium smelters would run on our own alumina supplies and we are looking at zero alumina imports after the Lanjigarh unit runs at full capacity", said a senior executive with Vedanta Ltd.Vedanta is ...

Odisha pollution board lifts ban on 5 power units till Jan 12: Vedanta

Earlier Odisha Pollution board has ordered Vedanta to temporarily close five units for breaching pollution norms

Vedanta eyeing more stressed steel assets

Vedanta had submitted an EoI for the unlisted Bhushan Power & Steel, and emerged as a qualified bidder

Vedanta's alumina output dips 8% on lower bauxite availability

A source at Vedanta attributed the dip in production to logistics constraints

Vedanta's mined metal production rises 42% in H1 at Zinc India

The Rampura Agucha open pit-mine operator said Zinc India's mined metal production was 452,000 tonnes for the first half ended September 30

Vedanta: Triggers outweigh worries

Power unit closures to have marginal impact, while volume growth and firm realisations in metals and oil businesses will continue driving earnings

Vedanta to restart some power units after pollution board revokes order

In a regulatory filing, Vedanta said the SPCB has revoked closure of two units of 135 Mw each and one 600-Mw unit on September 20

Vedanta to resume power units after pollution board revokes order

Vedanta informed that the SPCB has revoked closure of two units of 135 Mw each and one 600 Mw unit on September 20

Vedanta to buy 200 Mw in Odisha after pollution board crackdown

Faced with a partial closure notice from the Odisha Pollution Control Board (SPCB) on its power generating units, Vedanta Ltd would have to opt for buying 200 Mw power from external sources. The procurement of costlier power is likely to have a bearing on its cost of aluminium production at Jharsuguda.The SPCB has slapped partial closure directions on Vedanta's 2400 Mw coal-fired power plant and captive power plant (CPP) of 1215 Mw capacity, both located in Jharsuguda in the vicinity of its aluminium smelter unit.As a consequence of the SPCB crackdown, Vedanta needs to buy 200 Mw to tide over the temporary power crunch.The SPCB's notice comes after a breach in Vedanta's ash pond embankment near Katikela village near Jharsuguda on August 28. It had led to inundation of ash in agricultural lands at the site, triggering public outrage.The pollution watchdog has revoked the Consent to Operate for some Vedanta power units. It has asked the company to suspend operations of two 600 Mw units .

Vedanta to invest Rs 50,000 cr on India business expansion: Anil Agarwal

He further said that this decade will belong to India and it is the best time to invest

Vedanta appoints interim CEO Kuldip Kaura to replace Tom Albanese

Anil Agarwal-led Vedanta today announced the appointment of Kuldip Kaura as interim Chief Executive Officer (CEO), effective September 1, 2017 as Tom Albanese stepped down from the board on August 31, 2017.The process to identify Vedanta's new CEO is ongoing, the company said in a release. Kaura has extensive knowledge and experience of Vedanta's operations, having held various senior management and leadership roles with the group for over 15 years, it said."I look forward to working with the Chairman, the Board and the excellent management team at Vedanta. I have every confidence that we will maintain the business' current momentum and continue to deliver on our strategy focused on production growth, cash generation and deleveraging," the release quoted Kuldip Kaura as saying.Meanwhile, Navin Agarwal, chairman at Vedanta thanked Tom for his contribution to the business. "On behalf of the board and my colleagues at Vedanta, I thank Tom for his significant contribution to the business .