Billionaire Anil Agarwal on Tuesday announced plans to delist his Indian flagship Vedanta Ltd by buying out nearly 49 per cent of public shareholding at Rs 87.5 apiece. Vedanta Ltd, whose shares have fallen more than 40 per cent this year, houses commodity as well as oil and gas business.
Moody's Investors Service on Tuesday said it has downgraded Vedanta Resources Limited's (Vedanta) corporate family rating (CFR). The rating was downgraded to B1 from Ba3.
The protesters, mostly people from nearby villages, had gathered outside the Vedanta plant to demand employment. At least 30 people were also reported to be injured in the incident.
The plant was shut down permanently on May 28, 2018, when the state government had ordered the Tamil Nadu Pollution Control Board (TNPCB) to seal and "permanently" close the plant in the wake of protests over pollution concerns.
A bench, headed by Justice R F Nariman, sought response from Vedanta on the state government's appeal against the National Green Tribunal's (NGT's) order to reopen the plant.
Vedanta would initially invest about USD 300 million to augment capacity of ESL to 2.5 MT from the existing 1.5 MT.
The order was passed by the tribunal after a three-member committee constituted by the NGT to look into the allegations of environmental pollution against the mining giant.
Vedanta will need approval for waivers from its lenders prior to delisting, as it has a requirement under its bank loans to remain listed.
Earlier in April, the Tamil Nadu Pollution Control Board had rejected Sterlite's plea to renew the Consent To Operate certification, saying the company had not complied with the stipulated conditions.
The high court on Tuesday had ordered the CBI to probe the incident of police firing in Tamil Nadu's Tuticorin on May 22.
The tribunal had observed that environmental damage will not be caused by allowing Vedanta the access to the administrative unit inside its Sterlite copper plant.
The Supreme Court had then ordered the company to pay Rs 100 crore as compensation for polluting environment. Following the latest protests and police firing, the plant was closed on March 27.
The government’s decision came a day ahead of the start of the state Assembly session where it is likely to come under intense Opposition fire over the Tuticorin incidents.
Violent protests erupted in Tuticorin on May 22 as locals took to the streets demanding the closure of a copper factory of the Vedanta group over pollution concerns, leading to police firing.
Electrosteel Steels, which owes lenders Rs 11,309 crore, had been referred to the Tribunal following a push from the Reserve Bank of India (RBI) in June last year.
Anglo American is one of the top five mining companies in the world and owner of the world’s biggest diamond producer De Beers
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New Delhi: Vedanta Limited, India’s premier diversified natural resources company, has signed two memoranda of understanding (MoUs) with South African companies for supply of equipment, and transfer of technology in order to enhance productivity and
In a setback to mining mogul Anil Agarwal, the government today said it will not allow him to merge subsidiary Cairn India with his flagship firm Vedanta Ltd unless the Rs 10,247 crore tax issue is settled.
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