Vedanta gets 10-year extension for Cairn oil block in Rajasthan

After years of uncertainty, Vedanta Resources received a 10-year extension for its lucrative Rajasthan oil block that it obtained with the Cairn India acquisition. “The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15th May, 2020,” the mining major said. The block was originally […]

Vedanta wins 41 oil exploration blocks in OALP for Rs 3,900 cr

Vedanta Limited, which operates the country’s largest on-shore petroleum mining facility, said it has emerged as the favored bidder to explore 41 oil and gas blocks in India at a cost of US$551 million (Rs 3,900 cr) over the next six years, including 8 offshore blocks. It is eligible to mine and sell the petroleum […]

New CEO to drive financial discipline, sustainability focus: Vedanta Resources

Vedanta Resources said it has appointed Srinivasan Venkatakrishnan, the CEO of gold miner AngloGold Ashanti, as its new CEO and a member of the board. He will take over from interim CEO Kuldip Kaura on 31 August 2018. Since 2013, the 53-year-old has been the CEO of AngloGold Ashanti, an emerging market gold producer. Before […]

Vedanta denied permission to restart smelter operations at Thoothukudi

Vedanta, one of the world’s largest metal producers, said its application for renewal of consent for operating its smelter plant in Thoothukudi in Tamil Nadu has been rejected. The company had shut down the copper smelting plant on March 27 “as part of a regular maintenance program,” it said. “..the Company had applied for renewal […]

Vedanta to increase crude output 50% in 3 years, invest Rs 5,500 cr

Vedanta, one of the world’s biggest producers of minerals, said it plans to increase its oil and gas output by around 100,000 barrels per day to 275,000-300,000 barrels per day by March 2020, and expand its Tuticorin copper plant to the world’s largest. At present, the Tuticorin copper smelter is producing 400,000 tons per year. […]

Vedanta’s aluminium production rate at 1mtpa

Vedanta Resources said its current aluminium production rate is 1 million tons per annum and that the company’s overall production guidance for the current financial year remains unchanged at 1.2 mtpa. It also said the commissioning of pots at the first line of the 1.25 mtpa Jharsuguda-II Aluminium smelter was completed by end of July […]

Vedanta’s Anil Agarwal says Cairn merger will ‘simplify’ group structure

Anil Agarwal, chairman of the global metal giant Vedanta Resources, continued to push for the merger of the flagship company with Cairn India Ltd, a cash-rich petroleum producing company owned by Vedanta. The merger has been criticized as harming the interests of the third-party shareholders of Cairn India Ltd, and institutional investors such as the […]

Cairn Vedanta merger unlikely, LIC holds key – Edelweiss

The proposed merger between petroleum producer Cairn India and its parent Vedanta Plc is “likely to be unlikely”, Edelweiss Securities said. Raising the question of minority interest, Edelweiss said the deal does not seem to offer any overt benefits to Cairn India. “From Cairn’s perspective, we fail to understand the benefits of any synergies that […]