Page 6 - Vedanta

Anil Agarwal faces key vote for plan to tap Vedanta cash reserves

Shareholders of Indian unit Vedanta Ltd. will on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends

CM Gehlot invites Vedanta to set-up semiconductor industry in Rajasthan

Rajasthan Chief Minister Ashok Gehlot has invited Vedanta Group to set up its semi-conductor chip manufacturing industry in Rajasthan amid a tussle for the project between Maharashtra and Gujarat. During the inaugural session of 'Invest Rajasthan' Summit held here on Friday, the Chief Minister said that there is a protest going on in Maharashtra on the shifting of the factory to Gujarat. "There is a protest going on in Maharashtra that why Anil Agarwal is shifting the industry to Gujarat. A lot of it has appeared in newspapers. I would like to say you (Agarwal) that there is a fight between Maharashtra and Gujarat. So, shift the industry to Rajasthan," Gehlot said. He further said, "There will be no fight. Rajasthan is your own state. Finish this fight. You are doing a very big investment." The Chief Minister said that after corona pandemic, there is a huge crisis for a semiconductor chip, which is used in mobile phones, laptops and even cars. He said that Vedanta Group is digging

Vedanta's medical arm ties up with Anuva for cancer research in India

Vedanta's BALCO Medical Centre (BMC), one of India's leading cancer hospitals, and Anuva, a genomics biotech company with a centre in India and backed by a UK-based hub, on Thursday jointly announced a strategic collaboration to build a Cancer Genomics Biobank for cancer research in India. Anuva and BMC aim to use this cancer bio/data bank for clinical research to identify relevant insights for precision medicine application for cancer in India. The companies said the collaboration leverages the strengths of both organisations the clinical expertise of BALCO Medical Centre and Anuva's biobanking and genomic expertise. "This is another milestone in the journey of BALCO Medical Centre towards becoming India's cancer care destination, said Jyoti Agarwal, Chairperson of BALCO Medical Centre. "Our collaboration with Anuva will bring together the best of knowledge, technology and research to serve the people of India better, through precision medicine and targeted treatment, she said.

Industry-friendly moves keep Gujarat ahead in investor perceptions

Gujarat gains because it was the first to check all the boxes as far as investor-friendly policies are concerned

Hindustan Zinc mined metal production marginally up at 255,000 tonnes in Q2

Vedanta group firm Hindustan Zinc's mined metal output rose by 3 per cent to 2,55,000 tonnes in the July-September quarter on the back of better grades and improved mill recoveries. The company's mined metal production was at 2,48,000 tonnes in the corresponding quarter of previous fiscal. The refined metal production at 2,46,000 tonnes was 18 per cent higher on account of improved smelter performance and better mined metal availability among others, Hindustan Zinc has said in a statement. The wind power generation was down by 20 per cent at 124 million units (MU) for the second quarter of the current financial year due to lower wind velocity and seasonality impact. Hindustan Zinc is the country's only integrated producer of zinc, lead and silver.

Vedanta's aluminium output rises 2% to 584,000 tonnes in second qtr of FY23

Vedanta Ltd on Monday said that its aluminium production increased by 2 per cent to 5,84,000 tonnes in the second quarter of the ongoing fiscal. The company's aluminium production in the corresponding quarter of FY22 stood at 5,70,000 tonnes, Vedanta Ltd said in a filing to BSE. The mined metal output at Zinc India during the July-September quarter also went up by 3 per cent to 2,55,000 tonnes over 2,48,000 tonnes in the same period of the previous fiscal. "First half mined metal production at 507,000 tonnes was higher by 8 per cent YoY, on account of increase in ore production, further supported by better grades and improved operational efficiency," the filing said. The production of finished steel also went up by 11 per cent to 3,25,000 tonnes, from 2,93,000 tonnes in the year-ago quarter. The total power sale increased to 3,615 million units (MU), compared to 2,905 MU in the second quarter of previous fiscal. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the .

Adani Ports, Vedanta group co-bidders for Puducherry's Karaikal port

The Karaikal Port defaulted on Rs 2,960 crore loans and was taken up for insolvency proceedings in April this year by the Chennai bench of NCLT

Aaditya Thackeray blames Shinde govt, Sena rebels for loss of Vedanta plant

Shiv Sena leader Aaditya Thackeray on Saturday lashed out at the Eknath Shinde-led state government for Vedanta-Foxconn's decision to set up its semiconductor plant in Gujarat instead of Maharashtra. The project went out of Maharashtra after the Shinde-led rebel Shiv Sena MLAs toppled the Maha Vikas Aghadi government headed by Uddhav Thackeray, he said. The Shiv Sena and its youth wing Yuva Sena on Saturday organized a protest over the loss of the semiconductor project at Talegaon in Pune district, the site where it was supposed to come up. "Rebel legislators betrayed not just the party but even the state's youth by enabling the Vedanta-Foxconn project to go out of the state," Aaditya Thackeray said, addressing the protesters. The Shinde government wasn't a 'sarkar' but a circus, he quipped. Even its industry minister didn't know that the state had lost the Vedanta as well as a bulk drugs park project, he claimed. "After the collapse of the Maha Vikas Aghadi government, the ...

Vedanta's proposal to transfer Rs 12,587 cr gets proxy advisory firm's nod

Metals and oil conglomerate Vedanta Ltd's proposal to reorganise capital and transfer Rs 12,587 crore from general reserves to retained earnings has won the backing of US-based proxy advisory firm Glass Lewis. Vedanta has convened a meeting of shareholders of the company on October 11 for approval of a scheme of arrangement. In a notice to shareholders, Vedanta reasoned that the firm had over the years "built up significant reserves through transfer of profits". "The company is of the view that the funds represented by the general reserves are in excess of the company's anticipated operational and business needs in the foreseeable future, thus, these excess funds can be utilised to create further shareholders' value," it said. The transfer, it said, was in "the interest of all stakeholders of the company". The move essentially frees up cash reserves and allows companies to reward shareholders. In its recommendation on the issue, Glass Lewis said, it believes that management of th

Vedanta project shifted to Gujarat: Aaditya to lead Sena protest on Sep 24

Shiv Sena leader and former Maharashtra minister Aaditya Thackeray will lead a protest in Talegaon in Pune on September 24 against the shifting of the Vedanta-Foxconn semiconductor manufacturing project to neighbouring Gujarat. A statement from the Uddhav Thackeray faction of the Shiv Sena said the 'Jan Aakrosh Andolan' is being organised as the project, which entails an investment of Rs 1.54 lakh crore, was lost after the previous Maha Vikas Aghadi government had laid the groundwork for it to be located in Talegaon. It said the project was "almost finalised" due to the efforts of then state industries minister Subhash Desai and tourism minister Aaditya Thackeray, and it getting shifted to Gujarat had affected the employment opportunities of one lakh youth. "The dreams of one lakh youth have been crushed. What should the youth do now? What is the state government doing to provide employment? We will seek answers," the statement said.

BJP lying on Vedanta semiconductor plant that went to Gujarat: Uddhav

Shiv Sena president Uddhav Thackeray on Wednesday dared the BJP to defeat it in the upcoming Mumbai civic polls, saying his party's relationship with the metropolis was unbreakable. He also accused the Bharatiya Janata Party (BJP) of "lying" on the Rs 1.54 lakh crore Vedanta-Foxconn semiconductor project which has been shifted to Gujarat. Addressing party workers at suburban Goregaon, Thackeray said the Centre is giving huge incentives to the project after it was moved to the adjoining BJP-ruled state. He said, "Union Home Minister Amit Shah has asked his party to show the Shiv Sena its place in the Mumbai civic polls. I dare you to try it. Shiv Sena's relationship with the city was unbreakable and the party was deeply connected with the day-to-day life of ordinary Mumbaikars, rushing to their help whenever required." Thackeray asked the BJP, his former ally, to tell people what was its contribution in building the metropolis apart from consider it just a piece of real estate. ..

Maharashtra govt clears 181 industrial plots sanctioned by MVA after review

Amid a row over a Vedanta-Foxconn multi-billion project going to Gujarat, the Maharashtra government has after a review cleared 181 plots sanctioned by the previous Maha Vikas Aghadi (MVA) government for industrial projects. The Eknath Shinde-led state government had asked the industry department to review 191 plots of the Maharashtra Industrial Development Corporation (MIDC) which were sanctioned by the previous Uddhav Thackeray-led MVA government after June 1 this year. Out of these, 181 plots have been cleared and the remaining 10 are under review and a decision will be taken soon, a senior official said on Tuesday. The Eknath Shinde-Devendra Fadnavis government has been facing flak after Vedanta-Foxconn chose Gujarat to set up its multi-billion semiconductor plant. Shinde, who led a revolt against the Shiv Sena leadership in August this year, was sworn in as the CM of Maharashtra on June 30 after the MVA government collapsed. The CM on Saturday said the government has not give

Vedanta Resources' semiconductor plans won't chip away at liquidity: S&P

Mining mogul Anil Agarwal-led Vedanta Resources' credit profile will unlikely be weighed down by the group's planned Rs 1.54 lakh crore foray into semiconductor manufacturing, S&P Global Ratings said on Monday. "This is because the company has reiterated that the USD 20 billion related investment will be carried out outside of Vedanta Resources. The business will be undertaken in a separate entity under Vedanta Resources' holding company Volcan Investments Ltd," it said. Vedanta and its partner and Taiwanese electronics manufacturing giant Foxconn last week signed a pact with the Gujarat government for setting up a semiconductor factory in Gujarat. Semiconductor chips, or microchips, are essential pieces of many digital consumer products - from cars to mobile phones and ATM cards. The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of nearly 19 per cent to reach USD 64 billion in 2026. But none of ..

Vedanta-Foxconn issue: Was money demanded from firm, asks Raj Thackeray

Maharashtra Navnirman Sena chief Raj Thackeray on Monday sought an inquiry into the state losing the multi-billion dollar Vedanta-Foxconn semiconductor chip manufacturing project to neighbouring Gujarat and asked if any money was demanded from the joint venture firm. He said Maharashtra used to be the leading state in the country when it came to attracting industries but this was changing. "It must be investigated why industries that were supposed to come to Maharashtra have now shifted to other states. Was money demanded from them," he said when queried on the Vedanta-Foxconn political slugfest. Addressing a press conference here, he also rued the political situation in the state over the last few years and said it was tough to understand or guess who would ally with whom to form government. "I have never seen such chaos and cheating in Maharashtra politics. No one knows who is with whom, who is forming government," he said. Attacking former chief minister Uddhav Thackeray, the M

Vedanta-Foxconn plant site in Gujarat to be finalised in 2 weeks: Official

Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are evaluating various sites in Gujarat based on technical aspects, commercial viability and connectivity to set up the semiconductor and a display fabrication unit in the state, Nehra told PTI. In the biggest ever corporate investment in the history of independent India, a joint venture of the Vedanta and Foxconn had on September 14 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. Nehra had signed the MoU on behalf of the state government. "Vedanta and Foxconn have hired sector experts who are evaluating possible sites for the upcoming plant in Gujarat. Earlier they were ...

'Gujarat not Pakistan': Fadnavis on Vedanta-Foxconn semiconductor project

Amid mounting criticism over Gujarat bagging a multi-billion Vedanta-Foxconn semiconductor project, Maharashtra Deputy Chief Minister Devendra Fadnavis on Friday said the neighbouring state was not a part of Pakistan and alleged a "10 per cent commission" had to be paid for availing any subsidy during the previous Maha Vikas Agahdi (MVA) government. Without naming the Uddhav Thackeray-led Shiv Sena, Fadnavis targeted the party for opposing big-ticket projects like a refinery in Maharashtra which had the potential of taking the state ahead of others for the next ten years, as he slammed his former ally for stalling the Mumbai-Ahmedabad bullet train and Mumbai Metro 3 infrastructure ventures. Fadnavis said after taking over as the deputy chief minister in June-end, he personally met Vedanta chairman Anil Agarwal and Maharashtra even offered a tailor-made package to the company to match up the Gujarat offer, but he was told a decision to move the semiconductor unit to Gujarat was in

Vedanta-Foxconn demanded 'central govt alignment', Shinde's letter reveals

In his letter, Maharashtra CM Eknath Shinde said state was 'moving expeditiously' on request and invited the Chairman for MoU ceremony on July 29.

After row, Vedanta Chairman Anil Agarwal assures projects for Maharashtra

The Vedanta-Foxconn's announcement to implement its Rs 2.06 lakh-crore mega-project in Gujarat sparked a political furore in Maharashtra

Foxconn row: Who was to blame for nixing Nanar refinery, Fadnavis asks Oppn

Maharashtra Deputy Chief Minister Devendra Fadnavis has accused the opposition of making false claims over the Vedanta-Foxconn semiconductor plant going to Gujarat, and also questioned it over the Nanar refinery project. Uddhav Thackeray-led Shiv Sena, NCP and Congress have sought to corner the state government following the announcement two days ago that the Rs 1.54 lakh crore semiconductor plant would be set up in Gujarat and not in Maharashtra as proposed earlier. "It is disappointing that negative, false and baseless claims are being spread to gain political mileage. This is only to hide their own incompetence. I want to ask opposition leaders, who sent back Rs 3.5 lakh crore refinery from Maharashtra? My advice to these leaders is to focus on becoming competent & efficient and not negative and desperate, " Fadnavis, who is visiting Moscow, tweeted. He also welcomed Vedanta chairman Anil Agarwal's tweet that Maharashtra will be key to "forward integration" to the joint ...

Vedanta-Foxconn plant in Gujarat 'attack on Maharashtra's prestige': Sena

The Shiv Sena on Thursday said the mega semiconductor project of Vedanta-Foxconn going to Gujarat was an attack on Maharashtra's "prestige". This was just the beginning and one day the Eknath Shinde-led Maharashtra government might even "trade Mumbai," said the editorial in the Sena mouthpiece "Saamana". Before this, an international finance centre (which eventually took shape as Gujarat International Finance Tech- GIFT City) was shifted to Gujarat from Mumbai, the editorial alleged. A blame-game has begun in Maharashtra following the announcement two days ago that the joint venture semiconductor project of the Indian conglomerate Vedanta and Taiwanese electronics giant Foxconn, proposed to be set up near Pune earlier, will come up in Gujarat. Without naming the BJP, the Sena mouthpiece alleged that like this project, some people also harbour the desire to "conquer" Mumbai-Thane and undermine Maharashtra's prosperity. This was the reason a puppet chief minister was installed in ..