Vedanta Limited is an Indian multinational
mining company
This is an incomplete alphabetical list of mining companies.
A
* Adex Mining
* Aditya Birla Group
* African Rainbow Minerals
* Agnico Eagle
* Aiteo
* Alumina
* Anaconda Copper
* Anglo American (mining)
* Anglo Platinum
* AngloGold Ashanti
* A ...
headquartered in
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, with its main operations in
iron ore
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...
,
gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...
and
aluminium
Aluminium (aluminum in American and Canadian English) is a chemical element with the symbol Al and atomic number 13. Aluminium has a density lower than those of other common metals, at approximately one third that of steel. I ...
mines in
Goa
Goa () is a state on the southwestern coast of India within the Konkan region, geographically separated from the Deccan highlands by the Western Ghats. It is located between the Indian states of Maharashtra to the north and Karnataka to the ...
,
Karnataka
Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...
,
Rajasthan
Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...
and
Odisha
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...
.
History
Sterlite Industries
Vedanta (then called Sterlite industries) began in the 1980s, as the founder D.P.Agarwal founded Sterlite Industries (India) Limited in
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
and begun to buy
mining concessions in different states of India. He was soon joined by his two sons, Navin Agarwal and Sunil Agarwal, both of whom currently run the company. In 1992, they established Volcan investments in
Nassau
Nassau may refer to:
Places Bahamas
*Nassau, Bahamas, capital city of the Bahamas, on the island of New Providence
Canada
*Nassau District, renamed Home District, regional division in Upper Canada from 1788 to 1792
*Nassau Street (Winnipeg), ...
(
Bahamas
The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean, North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to ...
) as the main holding company for their mines.
D.P.Agarwal had a small aluminium conductor business in
Patna
Patna (
), historically known as Pataliputra, is the capital and largest city of the state of Bihar in India. According to the United Nations, as of 2018, Patna had a population of 2.35 million, making it the 19th largest city in India. ...
. His son
Anil Agarwal had come to Mumbai to expand their business.
In the 1990s, as the Indian government began to sell off sick (non-performing) companies, Sterlite began to bid for them. They were able to bid successfully for
BALCO
The Bay Area Laboratory Co-operative (BALCO) (1984–2003) was an American company led by founder and owner Victor Conte. In 2003, journalists Lance Williams and Mark Fainaru-Wada investigated the company's role in a drug sports scandal later re ...
and
Hindustan Zinc
Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Ved ...
Limited, both bankrupt companies that had been closed down for 4 years. Meanwhile, in January 1993, D. P. Agarwal founded Twinstar Holdings Limited in
Mauritius
Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...
, which was mostly owned by Volcan investments. On 26 May 2002, the
Enforcement Directorate
The Directorate of Enforcement (ED) is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue, Ministry of Finance, Gover ...
filed a
show cause notice
An order to show cause is a type of court order that requires one or more of the parties to a case to justify, explain, or prove something to the court. Courts commonly use orders to show cause when the judge needs more information before decidi ...
with Sterlite, relating to the six-year period between 1993 and 1999 when Twinstar acquired the shares of Sterlite and various investment companies – such as Dwarka Prasad Anil Kumar Investments Private Limited, Pravin Navin Investment & Trading Private Limited and Sterlite Copper Rolling Mills Private Limited – which, in turn, had made substantial investments in Sterlite and another group company, Madras Aluminium Company Limited (MALCO) after obtaining permission from the
Reserve Bank of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...
(RBI). On 29 April 1999, many of these investment companies were liquidated and all the shares of Sterlite came back to Twinstar's possession. Twinstar became the 100% owner of shares in these investment companies and received government approvals from the RBI as well as the Foreign Investment Promotion Board (FIPB).
On 8 December 1999, officials of the Income Tax department raided the offices of Sterlite located at Dhanraj Mahal,
Apollo Bunder and
Tulsiani Chambers,
Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
, and seized many documents. The IT department then decided to engage the services of ED officials as it appeared that there could have been a violation of the country's foreign exchange laws. After analyzing these documents, the ED inferred that Twinstar was incorporated with the sole intention of acquiring an interest in Sterlite. The Directorate alleged that the Agarwals, before liquidating the shares of the investment companies mentioned, had written off loans worth 230 million and made an agreement to gift their overseas corporate body, Twinstar, a sum of 338 million including shares of Sterlite worth 72 million. Between 1993 and 1999, Sterlite and its investment companies allegedly brought in 2.08 billion to India through Twinstar to subscribe to the shares of Sterlite and make investments in the company.
Sesa Goa – Scambi (1954–1963)
The company today known as Sesa Goa was founded in 1954, as Scambi Economici SA Goa. Since then, it gradually grew to become a large low-cost producer of iron ore. During 1991–1995, it diversified into the manufacture of
pig iron
Pig iron, also known as crude iron, is an intermediate product of the iron industry in the production of steel which is obtained by smelting iron ore in a blast furnace. Pig iron has a high carbon content, typically 3.8–4.7%, along with silic ...
and
metallurgical
Metallurgy is a domain of materials science and engineering that studies the physical and chemical behavior of metallic elements, their inter-metallic compounds, and their mixtures, which are known as alloys.
Metallurgy encompasses both the sc ...
coke. Scambi Economici Societa Anonyma (SESA), owned by Baron Ludovic Toeplitz, with the financial backing of Alessandro Vassalo, obtained the Orasso Dongor mining lease in Sirsaim, Goa in 1954 and Sesa Goa Limited was formed. It was bought over in 1955, with equal shareholding, by Gewerkeshaft Exploration e Bergbau and Ferromin S.p.A., a subsidiary of
Finsider S.p.A. (of
IRI group), which eventually acquired the other half stake in 1963.
Sesa Goa (1963–2007)
Sesa Goa Limited was incorporated as a private limited company in 1963 under
The Companies Act, 1956
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced b ...
. In 1979, Sesa Goa Private Limited was formed, with the merger of Sesa Goa Limited with another mining company in Goa, Mingoa Sociedade Miniera Goesa S.a.r.l. By 1965, Sesa Goa and Mingoa were incorporated as a
private limited company
A private limited company is any type of business entity in "private" ownership used in many jurisdictions, in contrast to a publicly listed company, with some differences from country to country. Examples include the '' LLC'' in the United Sta ...
under The Companies Act, 1956. The
merger
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
happened in 1979 and the new, unified company was called 'Sesa Goa Pvt Ltd'. The company went public in 1981 with 42,000 Indian
shareholder
A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal own ...
s, holding 60% of its
shares
In financial markets, a share is a unit of equity ownership in the capital stock of a corporation, and can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Share capital refers to all of the shares of an ...
and the remaining 40% held by Finsider International, which later became
ILVA International. Sesa Goa had started with iron mining as its core business but slowly, it ventured into barge construction in 1984 at Sirsaim, located in the
Bardez
''Bardez'' ( kok, Bardes; pt, Bardes; IPA: ) is a ''taluka'' of the North Goa district in the Indian state of Goa. It was a ''concelho'' in the Portuguese State of India before 1961.
Etymology
The name is credited to the Saraswat Br ...
taluka
A tehsil (, also known as tahsil, taluka, or taluk) is a local unit of administrative division in some countries of South Asia. It is a subdistrict of the area within a district including the designated populated place that serves as its administr ...
of North Goa. Since then, the barge construction unit has been developed into a shipbuilding division.
In the 1990s, Sesa Goa began further expansion, aided by an influx of foreign investment during the
economic liberalization of India enforced by the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
and
IMF. In 1992, the first phase of a 150,000
ton
Ton is the name of any one of several units of measure. It has a long history and has acquired several meanings and uses.
Mainly it describes units of weight. Confusion can arise because ''ton'' can mean
* the long ton, which is 2,240 pounds
...
pig iron
Pig iron, also known as crude iron, is an intermediate product of the iron industry in the production of steel which is obtained by smelting iron ore in a blast furnace. Pig iron has a high carbon content, typically 3.8–4.7%, along with silic ...
plant was commissioned. In the same year, Sesa introduced India's first low-
phosphorus
Phosphorus is a chemical element with the symbol P and atomic number 15. Elemental phosphorus exists in two major forms, white phosphorus and red phosphorus, but because it is highly reactive, phosphorus is never found as a free element on Ear ...
foundry
A foundry is a factory that produces metal castings. Metals are cast into shapes by melting them into a liquid, pouring the metal into a mold, and removing the mold material after the metal has solidified as it cools. The most common metals pr ...
grade pig iron in India and subsequently formalised the business under pig iron division. The pig iron plant was located at
Amona Amona may refer to:
Places
* Amona, Goa, a village in Goa, India
*Amona, Mateh Binyamin, an Israeli outpost in the central West Bank
*Isla de Mona, known in the pre-Columbian era as Amona
Other
*"Amona", a song on the album ''Necessary Evil
A ne ...
,
Goa
Goa () is a state on the southwestern coast of India within the Konkan region, geographically separated from the Deccan highlands by the Western Ghats. It is located between the Indian states of Maharashtra to the north and Karnataka to the ...
and had an annual production capacity of 250,000 tonnes per annum.
Other alliances were formed in the nineties—in January 1995, Sesa Shipping was launched by acquiring a transhipper ''M.V. Orissa''. The year also saw the inclusion of 84 new
coke ovens. When Mitsui & Co. of Japan bought Finsider International in 1996, it gained 51% stake in Sesa Go. By 1997, Sesa Kembla became a 100% subsidiary of Sesa Goa.
In 1997, A Narrain mines located in
Chitradurga
Chitradurga is a city and the headquarters of Chitradurga district, which is located on the valley of the Vedavati river in the central part of the Indian state of Karnataka. Chitradurga is a place with historical significance which is locate ...
, (
Karnataka
Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...
) were purchased. A
Supreme Court
A supreme court is the highest court within the hierarchy of courts in most legal jurisdictions. Other descriptions for such courts include court of last resort, apex court, and high (or final) court of appeal. Broadly speaking, the decisions of ...
directive in August 2011 led to suspension of mining activities in the region. In 1999, Sesa Goa started mining operations in
Barbil
Barbil is a city and a Municipal Council in the Kendujhar district (also known as Iron City) of the state of Odisha, India
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern ...
, which has the fifth largest deposit of iron ore and
manganese
Manganese is a chemical element with the symbol Mn and atomic number 25. It is a hard, brittle, silvery metal, often found in minerals in combination with iron. Manganese is a transition metal with a multifaceted array of industrial alloy use ...
in the world. They started producing iron ore which was exported from the port towns of
Haldia
Haldia is an industrial port city in Purba Medinipur in the Indian state of West Bengal. It is a major river port and industrial belt located approximately southwest of Kolkata near the mouth of the Hooghly River, one of the distributaries of ...
and
Paradip
Paradeep, also spelt Paradip (originally Paradweep, also spelt Paradwip), is a major seaport city and municipality, from Jagatsinghpur city in Jagatsinghpur district of Odisha, India. Paradeep Municipality was constituted as an NAC on 27 Sep ...
. During this time, the company also started the Sesa Community Development Foundation that supported the NCM Sesa Technical School and a
football academy
In sporting terminology, a youth system (or youth academy) is a youth investment program within a particular team or league, which develops and nurtures young talent in farm teams, with the vision of using them in the first team in the future if t ...
called
SESA F.A.
During the end of the 90s, the company also began to consolidate through mergers and acquisitions. Sesa Kembla completed the creation of an indigenous and environment-friendly technology that produced high-quality metallurgical coke. This technology generated power as a by-product. In 2003, the Sesa Goa equity in Sesa Industries was raised to 88.25%, impacting the shareholding pattern.
Take over by Vedanta (2007)
In 2007,
Vedanta Resources
Vedanta Resources Limited is an Indian diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas oper ...
Plc, a diversified metals and mining group founded by
Anil Agarwal, acquired 51% controlling stake in Sesa Goa Ltd. from Mitsui & Co. Ltd. Vedanta Resources is listed on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
and a constituent of
FTSE 100 Index
The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest market ...
. The deal was worth , making it the largest M&A deal in the industry so far.
In 2009, Sesa Goa acquired Goa-based
Dempo
Dempo Mining Corporation Limited is a prominent mining company from the western Indian state of Goa. The mineral business was founded by Mr. Vasantrao S. Dempo in 1941 along with his younger brother Mr. Vaikuntrao Dempo. Mr. Vasantrao S. Demp ...
Group's mining and maritime businesses for in an all-cash deal.
This was the second largest acquisition in India's iron-ore industry, and it gave Sesa Goa access to Dempo's 70 million tons of iron-ore mineable resources in Goa. In 2011, Sesa Goa purchased 51% stake in Western Cluster, Liberia for $90 million.
The
Liberia Gola Forest Community people who also suffered from the civil war believe that the coming of Western Cluster will help to alleviate their suffering and provide employment.
In 2007, it became a majority-owned subsidiary of
Vedanta Resources
Vedanta Resources Limited is an Indian diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas oper ...
Plc, listed on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
, when Vedanta acquired 51% controlling stake from
Mitsui & Co., Ltd. In June 2009, Sesa Goa Limited acquired
VS Dempo & Co. Private Limited (now Sesa Resources Limited) along with its fully owned subsidiary Dempo Mining Corporation (now Vedanta Limited) and 50% equity in Goa Maritime Private Limited. In 2010, Vedanta acquired the zinc assets of British miner
Anglo American plc
Anglo American plc is a British listed multinational mining company with headquarters in London, England. It is the world's largest producer of platinum, with around 40% of world output, as well as being a major producer of diamonds, copper, n ...
.
In 2011
Vedanta Resources
Vedanta Resources Limited is an Indian diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas oper ...
bought 58.5% controlling stake in
Cairn India
Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.
History
In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed ...
, India's largest private sector oil & gas company. In 2015,
Sterlite Industries
Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.
History
It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later r ...
and
Sesa Goa announced their merger and finally merged into a single entity in August 2015. In 2015,
Sesa Sterlite
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called S ...
changed its name to Vedanta Limited. On 11 April 2017, Cairn India merged with Vedanta Limited to consolidate its position as one of the largest diversified natural resources companies in the world.
In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited. Electrosteel Steels had been constructing an integrated steel plant at
Siyaljori in Jharkhand.
In May 2020, it is declared that company is going to delist from Indian bourses as per the comment by Mr. Anil Agarwal.
In September 2022, Vedanta signed a pact with
Foxconn
Hon Hai Precision Industry Co., Ltd., trading as Hon Hai Technology Group in China and Taiwan and Foxconn internationally, is a Taiwanese multinational electronics contract manufacturer established in 1974 with headquarters in Tucheng, New ...
as a technical partner to invest to set up semiconductor and display production plants in Gujarat. The venture intends to start manufacturing display and chip products within two years. The investment follows the Indian government commitment to expand incentives beyond an initial $10billion plan for those investing in
manufacturing of semiconductors.
Operations
Though the company primarily operated in Goa and Karnataka, it has gradually expanded its operations in recent years to Odisha, Rajasthan, Chhattisgarh, Tamil Nadu, Punjab Gujarat and Andhra Pradesh.
Vedanta limited owns, leases and operates in India through the following entities:
*
Bharat Aluminium Company
Bharat Aluminium Company Ltd. (BALCO) was an Indian government owned aluminium producer under Ministry of Mines, Government of India. In 2000, the Ministry of Mines, Government of India sold it to Vedanta Resources when Atal Bihari Vajpayee ...
: In February 2001, Government of India in a major dis-investment deal, approved the sale of its 51% stake in BALCO to Sterlite Industries (now Vedanta Limited) for Rs.551.5 crores. The government of India owns the remaining 49.0%. Incorporated in 1965, BALCO was a profit making Public Sector Company which had played a crucial role in increasing the usage of aluminium over a wide spectrum of products ranging from household utensils to aerospace and defense sectors. BALCO is headquartered at
Korba in the state of
Chhattisgarh
Chhattisgarh (, ) is a landlocked state in Central India. It is the ninth largest state by area, and with a population of roughly 30 million, the seventeenth most populous. It borders seven states – Uttar Pradesh to the north, Madhya Prade ...
and is a vertically integrated aluminium producer having its own captive bauxite mines, captive power plants and smelter.
*
Hindustan Zinc
Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Ved ...
: HZL is headquartered in
Udaipur
Udaipur () (ISO 15919: ''Udayapura''), historically named as Udayapura, is a city and municipal corporation in Udaipur district of the state of Rajasthan, India. It is the administrative headquarter of Udaipur district. It is the historic capit ...
in the state of
Rajasthan
Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...
. HZL's equity shares are listed and traded on the NSE and BSE. Vedanta owns 64.9% of the share capital in HZL and has management control. Sterlite has a call option to acquire the government of India's remaining ownership interest.
*
Sterlite Copper
Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.
History
It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later r ...
(
Tuticorin
Thoothukudi (formerly Tuticorin) is a port city, a municipal corporation and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies in the Coromandel Coast of Bay of Bengal. Thoothukudi is the capital and ...
):
Sterlite is registered office headquartered in
Tuticorin
Thoothukudi (formerly Tuticorin) is a port city, a municipal corporation and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies in the Coromandel Coast of Bay of Bengal. Thoothukudi is the capital and ...
,
Tamil Nadu
Tamil Nadu (; , TN) is a States and union territories of India, state in southern India. It is the List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India ...
, India. Sterlite has been a public listed company in India since 1988, and its equity shares are listed and traded on the NSE and the BSE, and are also listed and traded on the NYSE in the form of ADSs. Vedanta owns 53.9% of Sterlite and has management control of the company. Protest by Public of Tuticorin started for not following Environmental Clearance Issues. The Tamil Nadu Pollution Control Board (TNPCB) accused the factory of releasing noxious gas in the air. It said sulphur-di-oxide levels had gone off the charts on the night of 23 March in the year 2013. It showed a reading of 2939.55 mg/cubic metre against the prescribed limit of 1250 mg/ cubic metre more people were affected by cancer and other breathing disorders but the Indian government did not take any action.
* Twin star (a Mauritius-based offshore holding company that owns sizable parts of Vedanta limited)
* Cairn India and Cairn energy India (
oil and offshore exploration)
*
Mines in
Goa
Goa () is a state on the southwestern coast of India within the Konkan region, geographically separated from the Deccan highlands by the Western Ghats. It is located between the Indian states of Maharashtra to the north and Karnataka to the ...
(currently frozen statewide) and
Karnataka
Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...
(owned by Vedanta limited)
* Electrosteel Steels limited,
Jharkhand
Jharkhand (; ; ) is a state in eastern India. The state shares its border with the states of West Bengal to the east, Chhattisgarh to the west, Uttar Pradesh to the northwest, Bihar to the north and Odisha to the south. It has an area of . It ...
(through Vedanta star, a holding company)
*
Talwandi Sabo power limited (a
thermal power plant
A thermal power station is a type of power station in which heat energy is converted to electrical energy. In a steam-generating cycle heat is used to boil water in a large pressure vessel to produce high-pressure steam, which drives a stea ...
in Mansa, near
Bathinda
Bathinda is a city and municipal corporation in Punjab, India. The city is the administrative headquarters of Bathinda District. It is located in northwestern India in the Malwa Region, west of the capital city of Chandigarh and is the fifth l ...
,
Punjab
Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...
)
*
Vedanta Aluminium
Vedanta Resources Limited is an Indian diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas opera ...
: Vedanta Aluminium is headquartered in
Jharsuguda
Jharsuguda is a city and district headquarters of Jharsuguda district of Odisha, India. It is an industrial hub, consisting mainly of metallurgical industries. It is well connected to major cities of India through the rail network, and a rece ...
,
Odisha
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...
. Vedanta owns 70.5% of the share capital of Vedanta Aluminium and Sterlite owns the remaining 29.5% share capital of Vedanta Aluminium. Vedanta Aluminium produces ingots, billets & wire rods that are sold in the markets around the world. Vedanta Aluminium Limited (VAL) has acquired a 24.5% stake in L & T subsidiary Raykal Aluminium. Based on achieving certain milestones, Vedanta Aluminium will fully acquire Raykal Aluminium in phases. Vedanta is undertaking an expansion program. It plans to produce around 1.5 million tonnes of aluminium in the fiscal year 2016-17 from its
Jharsuguda
Jharsuguda is a city and district headquarters of Jharsuguda district of Odisha, India. It is an industrial hub, consisting mainly of metallurgical industries. It is well connected to major cities of India through the rail network, and a rece ...
and
Korba smelters which will make it the largest aluminium producer in India. Its alumina refinery, located in Lanjigarh, plans to produce 1.5 million tonnes of alumina and depending on availability of domestic bauxite will subsequently ramp it up to 4 million tonnes per annum in the near future. Despite NGO sponsored activism, the Lanjigarh smelter has seen a lot of support from the local people who see it as an important source of employment and livelihood.
**Madras Aluminium Company: MALCO is headquartered in Mettur, India. MALCO's equity shares are listed and traded on the NSE and BSE. It owns 93.9% of MALCO's share capital and has management control of the company.
Shareholding pattern
As of 30 June 2018, the company is owned 50% by the promoters (under Finsider international and Twinstar holding, both holding companies owned under the names of 12 members of the Agarwal family) and 50% by the public. The promoters ownership (51%) is held under "Westglobe limited" under "Twinstar holdings" (37%) and Finsider international (11%). The balance 49% of the company is owned by mutual funds (
ICICI Prudential
ICICI Prudential Life Insurance Company Limited is a life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and ...
), foreign portfolio investors (17%), Corporate bodies (7%),
LIC India (6%), Citibank New York (4%), individual retail shareholders (5%) and Citibank NYADR (4%).
Relationship with
Sesa Goa: Sesa Goa was originally a
Portuguese
Portuguese may refer to:
* anything of, from, or related to the country and nation of Portugal
** Portuguese cuisine, traditional foods
** Portuguese language, a Romance language
*** Portuguese dialects, variants of the Portuguese language
** Portu ...
owned company, with iron ore mines in Goa. In the 1990s, Sesa Goa was purchased by Sterlite industries (subsequently renamed as Vedanta Limited).
Vedanta Management has shared its intentions to delist company from stock exchanges subject to Shareholders approval. However, delisting is a lengthy process and may take years.
Relationship with Cairns India and Carins energy: In 2016, Cairns India and Cairns Energy were purchased by Vedanta Limited. Cairns was a US-owned company and the 2nd largest private oil and gas company in India.
Products
Copper: Vedanta limited operates the largest
copper smelter In India, in
Tuticorin
Thoothukudi (formerly Tuticorin) is a port city, a municipal corporation and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies in the Coromandel Coast of Bay of Bengal. Thoothukudi is the capital and ...
. This contributes to nearly 50% of Vedanta Limited's profits. In early 2016, due to local protests related to environment pollution, the plant was temporarily shut down by the Tamil Nadu state government. Vedanta has contested these claims, stating that its gas emissions are well below the state norms and the emissions of 11 other neighboring industries. It has also stated that their plant does not pump any water into the sea, due to a change in the plant configuration after a previous (2013) complaints from the state government.
Zinc-Lead-Silver: Zinc India business is owned and operated by
Hindustan Zinc Limited
Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Ved ...
(HZL). HZL owns and operates a fully integrated zinc-lead business. HZL is one of the world's largest integrated zinc-lead producers by volume. Sesa Sterlite owns 64.9% of the share capital of HZL, while the Government of India remains an equity partner and holds a 29.5% stake. HZL is listed on Indian stock exchanges (NSE and BSE).HZL's fully integrated zinc operations include five lead-zinc mines, one rock phosphate mine, four hydrometallurgical zinc smelters, two lead smelters, one lead-zinc smelter, four sulphuric acid plants, one silver refinery and six captive power plants at our Chanderiya, Dariba and Zawar facilities in the State of Rajasthan, processing and refining facilities for zinc at Haridwar and for zinc, lead and silver at Pantnagar, both in the State of Uttarakhand and in northern India. In FY 2013, these operations delivered 870,000 tonnes of mined zinc-lead metal-in-concentrate, and 802,000 tonnes of refined zinc and lead.
Oil & Gas: Sesa Sterlite's Oil & Gas operations comprise the assets of
Cairn India
Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.
History
In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed ...
in India,
Sri Lanka
Sri Lanka (, ; si, ශ්රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
and South Africa. Cairn India is India's largest private-sector crude oil producer, contributing to over 25% of India's crude oil production.
Sesa Sterlite owns 58.9% of Cairn India, which is also the fastest-growing Asian E&P company (Platts 2011) and one of the top 20 independent E&P companies worldwide. Cairn India has interest in eight blocks in India, one in Sri Lanka and one in South Africa. Cairn India's resource base is located in four areas – the onshore RJ-ON-90/1 (Rajasthan) block, two blocks on the west coast of India, four blocks on the east coast of India (including one in Sri Lanka) and one block in South Africa. Cairn India's Rajasthan block is the largest onshore discovery in India in the last 20 years and has an estimated 7.3 billion
barrels of oil equivalent in place with a basin potential to support a production rate of 300,000 barrels of oil per day. Cairn India has a strong track record of exploration, with nearly 50% exploration success ratio. It has initiated an exploration and appraisal programme to unlock further potential in the proven
Rajasthan
Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...
block. Cairn India has a planned net capital investment of US$3 billion through FY2016, with around 80% of this investment allocated for the Rajasthan block. Cairn India has a current operating capacity of per day of
oil equivalent
The tonne of oil equivalent (toe) is a unit of energy defined as the amount of energy released by burning one tonne of crude oil. It is approximately 42 gigajoules or 11.630 megawatt-hours, although as different crude oils have different calorifi ...
at Rajasthan, and remains on track to deliver a FY2013-14 exit production target of over per day of oil equivalent. The company has recently commenced gas sales from the Rajasthan Block. Sesa Sterlite's Oil & Gas operations comprise the assets of Cairn India in India, Sri Lanka and South Africa. Cairn India is India's largest private sector crude oil producer, contributing to over 25% of India's crude oil production.
Iron Ore:Sesa Sterlite is largest private sector exporter of iron ore in India and is developing large iron ore deposits in
Liberia
Liberia (), officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to Liberia–Sierra Leone border, its northwest, Guinea to its north, Ivory Coast to its east, and the Atlantic Ocean ...
.
Iron ore mining operations are carried out in the Indian States of Goa and Karnataka. We also manufacture pig iron and metallurgical coke. During FY 2013, our Indian iron ore operations were affected by a suspension of iron ore mining activities across the states of
Goa
Goa () is a state on the southwestern coast of India within the Konkan region, geographically separated from the Deccan highlands by the Western Ghats. It is located between the Indian states of Maharashtra to the north and Karnataka to the ...
and
Karnataka
Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...
. The Honourable Supreme Court allowed resumption of Karnataka mine in April, 13 subject to statutory clearances. Subsequent to receiving all the approvals they have started mining in Karnataka from 28 December 13. In 2011, Sesa Goa limited had acquired iron ore assets in Liberia, with around 1 billion in reserves and resources across three deposits – Bomi Hills, Bea Mountain and Mano River, located at a distance of 70–140 kilometers from the port at Monrovia. Extensive drilling at our Liberia assets has confirmed a billion tonne of Iron Ore deposit last year with further multifold upside. Currently, they are reviewing the different phased options including the first phase of 2 million tons. Sesa Sterlite is the largest private sector exporter of iron ore in India. Its subsidiary, Western Cluster Ltd is developing large iron ore deposits in Liberia.
Their copper business is principally a custom smelting operation located in India and Australia. Our Indian operations include a smelter, refinery, phosphoric acid plant, sulphuric acid plant and copper rod plant at Thoothukudi in southern India. Sesa Sterlite owns 100% of the Mt. Lyell copper mine in Tasmania, Australia, which produces a portion of the total requirement of copper concentrate at our Indian Operations. Production of cathodes at our Copper India business was 353kt in FY 2013. Our Australian operations produced 26kt of mined metal in FY 2013. Sesa Sterlite copper business is located in India. It also owns 100% stake in Copper Mines of Tasmania Pty Ltd, Australia.
Aluminium:
BALCO
The Bay Area Laboratory Co-operative (BALCO) (1984–2003) was an American company led by founder and owner Victor Conte. In 2003, journalists Lance Williams and Mark Fainaru-Wada investigated the company's role in a drug sports scandal later re ...
has a smelter capacity of 345 ktpa with capabilities to produce ingots, wire-rods, billets, busbars and rolled products.
BALCO's operations include mines, refineries, smelters and captive power plants in the state of Chhattisgarh in India. Sesa Sterlite holds a controlling 51% stake in BALCO, while the Government of India remains an equity partner and holds the remaining 49% stake. The Korba-II Balco smelter produces 245 ktpa of aluminium and they are expanding production capacity to 570 ktpa with the commencement of the new Korba-III 325 ktpa smelter in FY 2014.BALCO's current operations have access to captive power from 540 MW thermal power plant. A new 1,200 MW power plant is expected to commence production soon. Beside this company has 1.75MTPA of aluminium manufacturing unit at Jharsuguda, Odisha.. Vedanta's aluminium output rises 2% to 584,000 tonnes in second Qtr of FY23
Power: Sesa Sterlite is one of India's leading power producers with a capacity of 3,900 MW in commercial power.
They have commercial power generation business that currently operates 2,400 MW Jharsuguda Power Plant in Odisha, 270 MW BALCO power plant in Chhattisgarh, 100 MW MALCO power plant in Tamil Nadu and 274 MW HZL wind power plants at various locations in India. They are also setting up a 1,980 MW Talwandi Sabo power plant in the state of Punjab. Talwandi Sabo Power Limited, a 100% subsidiary of Sesa Sterlite is setting up a 1,980 MW thermal power project in Punjab, with the first unit starting operations by Q3 FY2014. Hindustan Zinc has 274 MW of wind power generational capacity, making it one of the largest producers of wind power in India. MALCO operates a 100 MW plant.
Metallurgical Coke: Approximately 65% of total production is consumed by Sesa group, for its pig iron production. The remainder is sold to customers located in India.
Sesa Goa has patented a technology that provides high quality output and produces power. It is patented and follows a two-product process with metallurgical coke as the main product and the
sensible heat
Sensible heat is heat exchanged by a body or thermodynamic system in which the exchange of heat changes the temperature of the body or system, and some macroscopic variables of the body or system, but leaves unchanged certain other macroscopic vari ...
of the exhaust
flue gas
Flue gas is the gas exiting to the atmosphere via a flue, which is a pipe or channel for conveying exhaust gases from a fireplace, oven, furnace, boiler or steam generator. Quite often, the flue gas refers to the combustion exhaust gas produc ...
as a co-product. This heat can be used for producing clean
electricity
Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described ...
. The company uses non-polluting, non-recovery Australian Technology. At the plant in Amona, negative
pressure
Pressure (symbol: ''p'' or ''P'') is the force applied perpendicular to the surface of an object per unit area over which that force is distributed. Gauge pressure (also spelled ''gage'' pressure)The preferred spelling varies by country and e ...
in the ovens ensures no polluting leakages.
Pig Iron: This business is skewed towards catering to the steel mills and foundries of the Indian market, in particular the Western and Southern India. The division manufactures basic, foundry and nodular grade pig iron and also sells
slag
Slag is a by-product of smelting (pyrometallurgical) ores and used metals. Broadly, it can be classified as ferrous (by-products of processing iron and steel), ferroalloy (by-product of ferroalloy production) or non-ferrous/base metals (by-prod ...
. The annual production capacity is 250,000 tons per annum.
CSR & Sustainability
Vedanta invested US$37 million towards community development in 2015–16, benefitting over 2.25 million people globally. The Confederation of Indian Industry (CII) ranked Vedanta Limited and its subsidiary
Hindustan Zinc
Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Ved ...
among the top ten sustainable firms in India. In FY2016, Vedanta recycled 47% of the fly ash generated through operations, as well as recycled 23% of the water utilized during its operations.
The company has entered into a first of its kind, unique Public-Private-Partnership (PPP), with the
Ministry of Women and Child Development,
Government of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...
to start Project Nandghar all over the country. This project aims to modernize and construct the
Anganwadi
An Anganwadi is a type of rural child care centre in India. They were started by the Indian government in 1975 as part of the Integrated Child Development Services program to combat child hunger and malnutrition. ''Anganwadi'' in H ...
infrastructure in
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. With the aim to supplement inclusive economic growth in India, Vedanta focuses on women empowerment through its CSR initiatives. The company's CSR initiatives 32,600 rural women through the creation of about 1,500 Self Help Groups in the communities, across the locations of its operations.
Controversies
2001 SEBI case
In 2001, Sterlite industries,
BPL and
Videocon
Videocon Industries Limited is an Indian multinational conglomerate, headquartered in Mumbai. The group had 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico. It was the third largest picture tube manufact ...
were found guilty by the Securities Exchange Board of India (
SEBI
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...
) of having colluded with the broker
Harshad Mehta
Harshad Shantilal Mehta (29 July 1954 — 31 December 2001) was an Indian stockbroker and a convicted fraudster. Mehta's involvement in the 1992 Indian securities scam made him infamous as a market manipulator.
Of the 27 criminal charges br ...
and 17 brokers (10 from
BSE
BSE may refer to:
Medicine
* Bovine spongiform encephalopathy, also known as mad cow disease, a neurodegenerative disease of cattle
* Breast self-examination
Stock exchanges
* Bahrain Stock Exchange, Bahrain
* Baku Stock Exchange, Azerbaijan
* B ...
and 7 from
NSE) in a bid to corner shares and rig shares prices. This resulted in a ban on Sterlite from accessing capital markets for 2 years.
Subsequent to this, in 2003,
Vedanta Resources
Vedanta Resources Limited is an Indian diversified mining company headquartered in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia and oil and gas oper ...
(UK) was listed on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
. Vedanta Resources itself is a holding company that owns many entities including a large proportion of Vedanta Limited and Sterlite industries.
Tuticorin Sterlite protests
In early 2018, thousands of residents of
Tuticorin
Thoothukudi (formerly Tuticorin) is a port city, a municipal corporation and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies in the Coromandel Coast of Bay of Bengal. Thoothukudi is the capital and ...
began to protest against the Sterlite plant located in the industrial complex there. The protests continued for three months and began to draw the attention of the media as well as local political parties who began to instigate as well as mobilise locals. Most of the protests were related to what locals perceived to be pollution from the Sterlite factory. The managers of Sterlite countered that there were another four similar plants adjacent to them, and that they were complying with all government regulations. There was little equipment, either with the plant or with the government to take actual measurements of the air in the vicinity. Sterlite further countered that contrary to the rumours that were being circulated, they did not pump any water from the plant into the sea which lay more than 10 kilometers away. In April 2018, the Government of Tamil Nadu placed an order to close down the factory. This order was temporarily cancelled by the district collector.
In May 2018, amidst ongoing protests by thousands of people, matters turned rough one day and the police opened fire on demonstrators. The firing killed 13 people and protesters turned violent, burning vehicles and structures. Residents say the copper smelter is causing environmental damage. Subsequent to the firing, the Tamil Nadu chief minister
Palaniswami ordered a judicial inquiry into the shootings but defended the police response.
Awards
Vedanta Aluminium received the prestigious recognition of "Indian Affairs India's Most Valuable Aluminum Producing Company of the Year 2018" & Its CEO Abhijit Pati in the category of “Indian Affairs Innovative CEO of the year 2018” at the Satya Brahma iconic 9th Annual
India Leadership Conclave 2018 in Mumbai.
Offices
The registered office and corporate office of Vedanta Limited are based in Mumbai.
The company has offices in New Delhi, NCR as well as across its operations in the country.
See also
*
Mining in India
The mining industry in India is a major economic activity which contributes significantly to the economy of India. The GDP contribution of the mining industry varies from 2.2% to 2.5% only but going by the GDP of the total industrial sector it ...
*
List of mines in India
This lists of mines in India is subsidiary to the list of mines article and lists working, and future mines in the country and is organised by the primary mineral output. For practical purposes stone, marbles and other quarry, quarries may be in ...
References
External links
*
Group homepage
{{Authority control
Iron ore mining in India
Vedanta Resources
Companies based in Goa
1954 establishments in Portuguese India
Iron ore mining companies of India
Companies listed on the New York Stock Exchange
Mining companies of India
Oil and gas companies of India
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange