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Archives for : Vedanta

Global Day of Action against Vedanta  – August 14th , AGM in London #mustshare

Global day of action against Vedanta’s AGM

 

The annual Global Day of Action against Vedanta will take place on Monday 14th August 2017, as their AGM is conducted in London.

While the Vedanta board try to don the ‘cloak of respectability’ of their London listing, communities affected by the company’s pollution, human rights abuses and tax evasion around the world will raise their voices through protests and reports showing the true face of this deadly British mining company. As usual we will bring the defiant energy and demands of these communities to London, in our theatrical protest outside the London AGM, and shareholder activism inside it.

JOIN US OUTSIDE VEDANTA’S LONDON AGM WHILE COMMUNITIES PROTEST ACROSS AFRICA AND INDIA!

Monday 14th August 20172 – 4pm .
The Lincoln Centre, 18 Lincoln’s Inn Fields, London, WC2A 3ED

Bring drums, placards and loud voices.

Please join our Facebook event page if you can come to London on 14th August.

Why we are opposing Vedanta’s 2017 AGM:

This year Vedanta was again excluded from the Norwegian Pension Fund investments following a report which found “numerous reports of Vedanta’s failure to comply with government requirements” at four subsidiaries in Odisha, Chhatisgarh, Tamil Nadu and Zambia.

In Zambia, Vedanta has appealed against a precedent May 2016 judgment allowing thousands of farmers suffering eleven years of pollution by Konkola Copper Mines (KCM) to have their case against the company heard in the UKDuring the London appeal hearing they claimed no connection between the parent and subsidiary, stating that corporate governance reports were just for show to comply with London listing rules. Meanwhile the pollution goes on in Zambia, where Vedanta have also been found guilty of widespread transfer mispricing and tax evasion according to a recent UNCTAD report. KCM have never published their annual accounts.

Sonshi villagers

Gowda women in Sonshi, Go

In Goa, India, resumption of iron ore mining by Vedanta subsidiary Sesa Goa has already led to protests by Gowda Adivasis (a tribal group) suffering from air and water pollution, and accusations that the company is already exceeding its quota and continuing illegal mining under the guise of removing waste dumps. After being found guilty of widespread illegal mining Vedanta is already demanding that the resultant cap on mining is lifted.

 

In Niyamgiri, Odisha, harassment of tribal activists who succeeded in stopping Vedanta’s bauxite mine in a precedent referendum in 2013 is increasing, and key activists have been jailed and tortured this year, accused of being Maoists. Niyamgiri Suraksha Samiti (NSS) and the Dongria Kondshave held major blockades of Vedanta’s refinery in reaction demanding an end to harassment and the decomissioning of the refinery.

Parallel demonstrations are already planned in Zambia and India on the 14th August for this Global Day of Action and questions raised by the communities will be asked inside the AGM meeting.If you would like to plan a demonstration or organise any event in solidarity with any Vedanta affected community, in any part of the world please get in touch.

Vedanta is a FTSE 250 British mining company controlled and owned by Anil Agarwal and his family through a series of tax havens and holding companies. It has become infamous for its violations of law, pollution and human rights abuses across India and Afrika. Vedanta is controlled and 69.6% owned by Brit Anil Agarwal and his family through a series of tax havens and holding companies. It was launched on the London Stock Exchange in 2003 with the assistance of the UK’s Department for International Development (DfID) and Department of Trade and Industry (DTI), who continue with their  support for the company.

Courtesy: FOIL VEDANTA

 

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Delhi, London – GLOBAL RESISTANCE against Vedanta Resources

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31st July 2014 (Thurs) @ 2.30PM-4PM,
Venue: Ministry of Environment and Forests, Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi 
(Nearest Metro Station : Jorbagh on yellow line)

ATTN LONDON = 1ST August, 2.pm 

Join the protest from 2pm onwards outside the Lincoln Centre

18 Lincoln’s Inn Fields, London WC2A 3ED Nearest tube: Holborn.

NO MORE BLOOD, NO MORE LOOT, NO MORE ECO-CIDE!

VEDANTA, WE WILL FIGHT YOU WHEREVER YOU ARE AND WHEREVER YOU GO!

Contacts Devangana 8130414606, Aapurv 9910550736, Nikita 9582076891

This protest on 31st July in Delhi will coincide with demonstrations in Niyamgiri, Tuticorin, Goa, Lusaka & Andola (Zambia), Johannesburg (South Africa) and Port of Spain (Trinidad & Tobago) to mark THE GLOBAL DAY OF ACTION AGAINST VEDANTA in lead up to the company’s Annual General Meeting (AGM) in London on 1st August. These protests are organised under the banner of FOIL VEDANTA (http://www.foilvedanta.org/) whose pioneering work is spearheading international action against Vedanta. Details of the London protest can be found herehttp://www.foilvedanta.org/news/protest-call-out-join-us-at-vedantas-agm-friday-1st-august/

STAND IN OPPOSITION TO THE CORRUPT GLOBAL CORPORATE STATE NEXUS THAT DEFENDS VEDANTA AND OTHER RUTHLESS COMPANIES LIKE IT! Vedanta has been aggressively acquiring new businesses with support from Indian and UK politicians to help cover its losses in Niyamgiri – including HZL in India and formerly Scottish company Cairn with oil operations in Rajasthan and the Gulf of Mannar, Sri Lanka.

STAND IN SOLIDARITY WITH ZAMBIAN WORKERS AND COMMUNITIES AND OPPOSE INDIAN NEO-COLONIALISM IN AFRIKA! Vedanta has been ripping off Zambians by reporting losses from the KCM copper mine it bought from the government at a throw-away price, while it’s actually been making profits to the tune of US$500 million to US$1 billion and selling copper at below market rates to its own hidden subsidiary in Dubai. It has also failed to pay a fine for offloading toxic waste into local waterways resulting in 7 years of birth defects in local communities.

OPPOSE RUTHLESS ANTI-WORKER BEHAVIOUR! Vedanta treats its workers like shit! A chimney in its BALCO plant in Korba killed at least 40 workers when it collapsed due to negligence and cost-cutting. 750 striking miners in Zambia have been thrown out of the KCM factory. Workers in .

STAND IN DEFENCE OF THE ONLY PLANET WE HAVE AND THE LIFE IT SUSTAINS! Vedanta has no respect for the environment. It pays companies to produce fake EIAs, dumps all kinds of toxic waste into pristine waterways, flouts environmental regulations and refuses to pay fines for the damages it causes.

DEMAND VEDANTA TO KEEP ITS HANDS OFF NIYAMGIRI NOW! Vedanta still has Niyamgiri in its sights and militarisation is rampant with harassment of the Dongria Khond and those supporting them. Vedanta plans to expand its Lanjigarh refinery 6 fold and has claimed that it will be sourcing aluminum from just 3.5km away.

OPPOSE THE ILLEGAL PRO-CORPORATE ANTI-PEOPLE VEDANTA-STATE NEXUS! Vedanta has been a major funder of the BJP in its election campaign and the lawyer who defended Vedanta in the Supreme Court has been made the Attorney General by the Modi regime. Before this Vedanta was funding Congress. Foreign funding of political parties is illegal. This has to be seen in light of the new regimes push to weaken the forest rights act and make land acquisition easier.

OPPOSE MODI’S POLICIES! DEVELOPMENT FOR WHOM? WHOSE GROWTH? This protest will take place outside MoEF due to the ministry’s recent statements about removing ‘obstructions’ to foreign investment and diluting the Forest Rights Act. The FRA was a crucial factor in the victory of the Dongria Kond. Similarly, MoRD have made statements about changing ‘consent’ clauses in the Land Acquisition Act and the Finance Ministry seeks to disinvest its minority shares in BALCO and Hindustan Zinc.

DEMAND DE-LISTING OF VEDANTA FROM THE LONDON STOCK EXCHANGE! Vedanta has benefited from support from crony UK politicians who facilitated its acquisition of formerly Scottish company Cairn India to cover its losses in Niyamgiri. Vedanta is listed on the London Stock Exchange but its rampant malpractices mean that it does not deserve to be there. De-listing it will damage Vedanta’s credit rating, making it harder to pull cash in to fuel its ruthless destruction.

For more details on Vedanta and this transnational state corporate nexus, kindly refer to the attachment below and Foil Vedanta’s website http://www.foilvedanta.org/

 

 

 

VEDANTA IS DESPERATE!
Vedanta Resources Plc is best known for its illegal mining activities in Niyamgiri, Orissa and the
struggle of the Dongria Khond to protect their forest against this proposed mining. Last year saw
the victory of the Dongria Khond as the Supreme Court judged against Vedanta’s illegal mining
operations. Vedanta subsidiary in Goa, Sesa Sterlite’s operations were also stopped by the Supreme
Court after it emerged that they had exported 150 million tonnes of iron-ore in 2010-11, while
declaring only 7.6 million, their agreed export allowance. Vedanta also lost its prestigious status as
an FTSE Top 100 London Stock Exchange listed company, as its ranking was downgraded. This has
put Vedanta in a tight spot as it has been struggling to repay the loans it took for the same. Vedanta
has thus, been busy finding desperate ways of covering its losses. As expected, it has been doing
this by crooked means and by pulling strings in the corridors of power. This has included its
acquisition of Scottish corporation Cairn’s oil operations in Rajasthan and the Gulf of Mannar
in Sri Lanka and its buyout of Hindusthan Zinc Limited – both well below their real value. Cairn
India has also recently lent 1.25 billion$ to British parent company Vedanta for refinancing its own
debt, which is a clear violation of existing corporate governance regulations.
VEDANTA IS LOOTING AFRICA! COLONISATION – BRIC-STYLE
Zambian workers and communities resist!
A major breakthrough arose this year when a leaked video of Anil Agarwal confirmed from the
horse’s mouth what FOIL VEDANTA’S work in Zambia had already revealed. Vedanta was
illegally making millions from its Konkola Copper Mines (KCM) in Zambia, which it bought
from the Zambian government – again, well below its value. It has been reporting losses yet making
profits of the tune of US$500 million to $1billion and has been selling the copper below market
rates to its own subsidiary in Dubai, run by Anil Aggarwal’s son. The news of this tax evasion and
transfer mispricing has been hotly debated in the Zambian parliament and there is a vibrant
movement on the ground including workers and communities suffering for years from Vedanta’s
toxic waste.
VEDANTA IS COMMITING ECO-CIDE!
Environment is not an ‘obstruction’
Vedanta is notorious for continuously flouting environmental and pollution control state
mechanisms, even when they are barely there. Vedanta’s proposed mining in the Niyamgiri
mountains would have been a complete ecological genocide if the resistance of the Dongria Kond
against it had not been so relentlessly strong. The existing refinery in Lanjigarh has polluted water
sources and destroyed surrounding agricultural lands. KCM’s major pollution spill into River Kafue
in 2006 poisoned thousands of people, causing on-going birth deformities. The company refused to
pay the $2million fine that was imposed on them. Similar stories abound in all Vedanta operations –
be it the massively polluting lethal leaks in the copper smelter in Tuticorin or the dubious and nontransparent
off-shore drilling activities in the highly militarised Gulf of Mannar in Sri Lanka.
THE ABYSMAL CONDITIONS OF VEDANTA WORKERS!
The struggle is on!
Workers operate under the abysmal, exploitative and precarious conditions of employment in
Vedanta factories and operations. More than 2000 contractual workers in Vedanta BALCO’s
aluminimum manufacturing company in Korba district, Chattisgarh protested earlier this year
demanding better working conditions. It is in the same factory where a chimney had collapsed in
2009 and there were over a hundred unaccountable deaths. In Zambia, continues the struggle of 750
ex-KCM miners who have been thrown out of their jobs by Vedanta. In Vedanta’s lethal gas
smelters in Tuticorin, there has been the death of 3 workers and several injured due to lethal gas
leaks.
VEDANTA, HANDS OFF NIYAMGIRI, NOW!!
Dongoro Choribo Nai!
Meanwhile, the situation in Niyamgiri is troubling with increased militarisation and harrassment
of the Dongria Kond. Vedanta still has its sights set on acquiring the bauxite in Niyamgiri and has
planned a 6 fold expansion of its refinery in Lanjigarh. The notice for the public meeting they will
hold on 30th July’14 claims that bauxite will be sourced 3.5 km from the refinery – intimating that
they have not given up on mining the Niyamgiri Hills. Under the new regime it is quite easy to
imagine the hard-won success in Niyamgiri being reversed as there are hundreds of billions of
dollars sitting in those hills.
VEDANTA’S MOST TRUSTED ALLIES?
Vedanta-BJP-Congress Bhai Bhai!
It is well known that Vedanta has been a major funder of the BJP government (and the Congress
before it) and thus the planned revisions of the Forest Rights Act (a major contributor to the
Dongria Khond’s success in Niyamgiri) and the Land Acquisition Act by the new Government is not
surprising. The Ministry of Environment and Forests under the new regime is keen to aggressively
accelerate trends which were already existent during Congress rule. The state has been immensely
pro-active in employing its machineries of repression through the police and the military in
responding to resistance against Vedanta.
LONDON’S IMPERIAL ‘SECRETS’!
De-list Vedanta from London Stock Exchange!
Evidence of Vedanta’s corruption has been made available and was presented by Foil Vedanta in the
UK Parliament (House of Commons) on 21st July’14. The UK’s government’s role in assisting
and protecting this contentious mining company has been crucial including the role of the
Department for International Development (DfID)’s CDC (formerly the Commonwealth
Development Corporation) in supporting Vedanta’s Zambian mine, and former British High
Commissioner to India Sir David Gore Booth’s assistance, as a co-opted board member in
launching the company on the London Stock Exchange in 2003.

David Cameron personally exerted
pressure on the Indian government to sell lucrative oil company Cairn India to Vedanta in 2011. The
London Stock Exchange’s faulty listing and accountability has allowed companies lie Vedanta to
flourish by making London a tax haven and engaging in practices of tax evasion and insider-trading,
and blatantly violating human rights and environmental regulations across the world.
The elaboration above of Vedanta’s illegal and exploitative operations, is however,
barely an exception. Vedanta, is but a case study of what are established norms for
multinational corporations in the capitalist order of our times.

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Anil Agarwal, Vedanta Boss – APOLOGISES to Zambia

VEDANTA BOSS SORRY

LATEST July 18, 2014

veda

VEDANTA Resources chairperson Anil Agarwal has rendered a full apology to Zambia for boasting that he bought Konkola Copper Mine (KCM) ‘for a song’, Parliament heard yesterday.

Mines, Energy and Water Development Minister Christopher Yaluma informed the House that despite Mr Agarwal’s apology, the matter was still being investigated following the establishment of a legal team.
A leaked YouTube video in May this year, showed Mr Agarwal boasting that “KCM was bought for a song”, a matter which a legal team led by Secretary to the Treasury Fredson Yamba, was still studying.
KCM was sold to Vedanta Resources in 2004 at a cost of US$25million from a sale price of US$400 million.
“Vedanta Resources through its chairperson Agarwal had rendered a full apology to the Government, however, his comments are still being reviewed by our legal team set up to look at this matter,” Mr Yaluma said.
Mr Yaluma was responding to Kabompo West UPND Member of Parliament (MP) Ambrose Lufuma who wanted to know whether Government had intentions of summoning the Vedanta chairperson over the matter.
The Mines Minister added that the Zambia Revenue Authority (ZRA) would seek assistance from foreign firms in its continued monitoring of events at KCM, following evidence of gross mismanagement by Vedanta Resources.
This was a response to UPND Mazabuka Central MP, Garry Nkombo who asked whether Government would consider engaging international firms such as Scotland Yard to probe KCM operations particularly in tax evasion.
Mr Yaluma said the ZRA was capable of addressing the matter but did not rule out engagement of foreign firms to render assistance.
Audit revelations had shown that KCM management had failed to run the company effectively but that Government had taken stringent measures to ensure the mining giant did not collapse.
Meanwhile, Vice- President Guy Scott told Parliament that several heads of State had indicated that they would attend Zambia’s Golden Jubilee Independence Anniversary on October 24.
Dr Scott said the preparations for the Golden Jubilee had reached an advanced stage and were being steered by the National Steering Committee chaired by Secretary to the Cabinet, Roland Msiska and the Zambia @50 Secretariat.
Dr Scott said this when he delivered a ministerial statement to inform Parliament on the preparations for this year’s Independence celebrations, which were officially launched during last year’s Independence Day commemorations.
“I wish to advice that following Cabinet approval of proposals to invite heads of State and government, the Ministry of Foreign Affairs has sent invitations to inter-alia other countries in the Southern Africa Development Community to attend Zambia’s Golden Jubilee celebrations. Several heads of State have showed that they will come to attend the celebrations,” he said.

– See more at: http://ukzambians.co.uk/home/2014/07/18/vedanta-boss-sorry/#sthash.WdWK3jgn.dpuf

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Indian Govt Challenges merger of Vedanta Resources Plc as Tax Evasion

Sesa Merger Was Tax Evasion Device by Agarwal, India Alleges

By Abhishek Shanker and Pratap Patnaik July 14, 2014

      vedantasadan

India’s government challenged the merger of Vedanta Resources Plc (VED)’s local units in court on the grounds the deal by the flagship company of billionaire Anil Agarwal was aimed at avoiding taxes.

The merger is a “device” for tax evasion, according to the petition filed today by the Ministry of Corporate Affairs, citing the income tax department. The ministry is seeking the nullification of the amalgamation. The Supreme Court will hear the plea on July 17.

Sesa Sterlite Ltd. (SSLT), India’s biggest aluminum maker, emerged from the combination of Vedanta’s iron-ore mining unit Sesa Goa Ltd. and copper producer Sterlite Industries (India) Ltd. in an all-share transaction. Investors got three Sesa Goa shares for five shares of Sterlite, while London-based Vedanta transferred to the new entity for $1 its 38.8 percent holding in Cairn India Ltd. (CAIR), including debt of $5.9 billion.

“I don’t think this petition will have any impact on the merged entity as it was carried out after court’s approval,” Ashish Kejriwal, analyst at Elara Securities India Pvt. who has a “reduce” rating on Sesa Sterlite, said in Mumbai.

The transaction, announced in February 2012, cut the parent’s debt as more than half was transferred to the new entity. The deal received court approval in August 2013.

Sesa Sterlite spokeswoman Roma Balwani declined to comment.

Shares of the Panaji, Goa-based Sesa Sterlite fell 1.2 percent to 289.05 rupees at the close in Mumbai today. The benchmark S&P BSE Sensex fell 0.1 percent.

Earnings at Sesa Sterlite mainly come from dividends paid by its oil and gas and zinc units. The company has faced court-ordered curbs on mining and delays in its plans to secure the government’s remaining stake in unit Hindustan Zinc Ltd.. (HZ)

 

Read mor ehere- http://www.livemint.com/Companies/9lYISfKMbmsTr7yi6pKMVO/Govt-moves-court-against-Sesa-Sterlite-merger-over-tax-claim.html

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#SundayReading – Vedanta must pay for its mistakes, sins

By Stuart Lisulo
Fri 11 July 2014, 14:01
Dr Mathias Mpande
Dr Mathias Mpande
VEDANTA Resources Plc must pay the price for the mistakes and sins they have committed if the country is to see change,” says Dr Mathias Mpande.
Vedanta Resources Plc this year committed a Business Improvement Plan (BIP) to the Ministry of Mines in a bid to revitalise its operations at Konkola Copper Mines (KCM).
Mines minister, Christopher Yaluma said Vedanta had already settled about US$100 million at the time of their meeting with the government in February 2014, and that several other commitments were also being met.
Yaluma also said the government would have quarterly meetings with Vedanta to report how much they had achieved against the plan.
His deputy, Richard Musukwa, however, admitted earlier this week that he was unaware of the BIP.
But Dr Mpande, who is a mineral economist and former dean of the School of Mines at the University of Zambia, said he was cautious of the BIP and insisted Vedanta had to act if the country was going to believe they were serious about improving KCM’s operations.
“I haven’t heard about this BIP from the Ministry of Mines. Vedanta pledged a lot when it came, but it never did anything. The first thing is they have to pay the price for the mistakes and sins they have committed and after that we shall see change,” Dr Mpande said in an interview.
He said words had to be put into action if accusations of cheating on Vedanta’s part were going to come to an end.
“If people have cheated you before, the only way you can assume they will do something is when they start doing what is right. And it doesn’t mean because they have promised they are going to do something, they are exonerated; they have to pay the price!” These are cheating our country and they are asking Zambians to forget the past and that is not good,” said Dr Mpande.
Read more here- http://www.postzambia.com/post-read_article.php?articleId=51328

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Vedanta to contribute 1% to India’s GDP, while sucking blood of tribals 100%

We can contribute  Vedanta Resources chairman Anil Agarwal

Vedanta

Vedanta Resources chairman Anil Agrawal hopes of a new chapter for entrepreneurship in India under Modi’s leadership.

Shubham Mukherjee & Piyush Pandey, TNN | Jun 17, 2014, 05.43AM IST

MUMBAI: Anil Agarwal, chairman of Rs 78,000-crore ($13 billion) Vedanta Resources, like a lot of Indian businessmen, has been extremely pessimistic about the Indian business climate for a while now. But the decisive victory for the BJP in the recent elections has wiped most concerns and he is confident that Modi’s leadership will write a new chapter for entrepreneurship in the country. The London-based billionaire, who started his career as a scrap dealer in Patna, now has global interests in oil, iron ore, copper, zinc, bauxite and aluminium. Particularly critical of environmental NGOs, he echoed the Intelligence Bureau’s concerns on their role as economic terrorists and expressed confidence that once all his stuck projects start operating, he alone would be able to contribute 1% to the country’s GDP. On a whirlwind trip to Mumbai, Agarwal spoke to TOI on his new-found confidence and the policy imperatives that the government should drive to attract what he described was about $3 trillion worth of idle cash which companies in the US are looking to invest. Excerpts.

You met Prime Minister Narendra Modi recently. What did you talk about? What are your expectations from the new government on the policy front?

It was just a courtesy meeting. We expect things will change and decisions will be taken. Investments will start pouring in once we are ready with a policy. The key priorities should be poverty alleviation, job creation and infrastructure development. US corporations have $3 trillion of funds lying idle with them and they are looking to invest. Even if we get 10% of it, we will be blessed. The government must keep its policies simple, stable and long term.

Many of your big projects were stuck under the last government. With the new government in place and the sentiment improving, will you now invest in India?

We produce oil, iron ore, copper, zinc, and aluminium; if we get approvals to produce all of them to our full capacity, we will contribute about 1% to the Indian GDP. We can double our oil production to 4,00,000 barrels per day (bpd) if we are given clearances to invest another $3 billion. Cairn India alone can give the government Rs 1,00,000 crore of revenues if the approvals come by. Similarly, we can double our iron ore and production and quadruple the production of aluminium and bauxite. You have to give me confidence that you are going to produce for 20 years so invest $5 billion. Can you believe that we have invested over Rs 60,000 crore in Orissa creating one lakh jobs and we are just operating at 25% capacity. However, I am confident that we will be allowed to operate at 100%.

You participated in the disinvestment of the government in the last NDA regime and acquired Hindustan Zinc & Balco. What is your strategy to bid for the balance stake in these two companies and other opportunities in disinvestment that may come up?

We are keen on opportunities coming up through disinvestment as also to acquire the balance stake in both HZL and Balco as we have created substantial value in them. The government’s 29% stake in HZL valued at Rs 500 crore then is now valued at Rs 20,000 crore.

I have always said democratic countries don’t have any government company, then why should the Indian government run a company? Just divest 51% and let people be the shareholders and elect a professional CEO to run the company. We don’t want these companies to be run by capitalists. Besides, to protect the interest of employees, they can be offered 5% shares. I can bet that once this is done, ONGC will become Exxon and SAIL will become Valle. If, ICICI and L&T can run, there is no reason why NTPC, ONGC, SAIL, BHEL and others cannot.

Your shareholders are concerned with the slowing profitability and share prices. Besides, the green lobby is seen actively campaigning against Vedanta in India and the UK.

Vedanta is celebrating 10 years of listing this year. It is the best performing share among natural resource companies in London. It has delivered total shareholder return of 200%, higher than the FTSE 100 and FTSE 350 Mining Index. During the decade, it has grown from a company with revenues of $1,290 million to $12.9 billion.

As for the green lobby, fundamentally, who wants 1.2 billion people to produce their own? The “sahukars” (money lenders) would always want you to borrow money from them and the government has understood this.

Have you put in a succession plan?

Vedanta is beyond succession. It’s an institution. My daughter is working in the media space and son is working on process metals. Let the company grow professionally under CEO Tom Albanese. Besides, I am very keen to look after the company so I won’t force them to run it. They will be just shareholders.

Read mor where – http://timesofindia.indiatimes.com/business/india-business/We-can-contribute-1-to-Indias-GDP-Vedanta-Resources-chairman-Anil-Agarwal/articleshow/36686689.cms

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Rating agency downgrades Vedanta to ‘BB’; withdraws

Rating agency has analysed Vedanta’s financial profile based on proportionate debt and EBITDA

BS Reporter  |  Mumbai 

 Last Updated at 00:24 IST

Fitch Ratings announced on Friday its downgrading of India-based Vedanta Resources Plc’s long-term issuer default rating to ‘BB’ from ‘BB+’.

Fitch said the outlook was stable and it had also downgraded Vedanta’s senior unsecured ratings to ‘BB-‘ from ‘BB’.

Having said so, it also stated the Anil Agarwal-promoted company had chosen to stop participating in the rating process. Hence, said Fitch, it would no longer have sufficient information to maintain the ratings and, therefore, would no longer provide ratings or analytical coverage for Vedanta. It said it had analysed Vedanta’s financial profile based on proportionate debt and operating earnings, to better reflect the fragmented shareholding of Vedanta in its subsidiaries. This fragmented holding restricts the level of Vedanta’s access to the large cash balances and future cash flows from its key operating subsidiaries — Cairn India (CIL), Hindustan Zinc (HZL) and Sesa Sterlite.

Most of Vedanta’s $9 billion of cash is at HZL ($4.3 bn) and CIL ($4 bn). With Vedanta’s effective holding of only 37.8 per cent and 34.3 per cent, respectively, at these entities, the effective cash available to Vedanta is likely to be only about a third of the total cash in the group, said Fitch.

While the cash available to Vedanta by way of dividends is limited, it does provide additional short-term liquidity to the group. The agency also factored in Vedanta’s ability to access cash from Sesa Sterlite without any leakages.

Read more here – http://www.business-standard.com/article/companies/rating-agency-downgrades-vedanta-to-bb-withdraws-114060600787_1.html

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Over 2,000 Vedanta Balco labourers court arrest in protest

By ET| 6 Jun, 2014, 11.24PM IST
A large number of Vedanta Balco labourers gathered at Ambedkar Stadium to court mass arrest, after which more than 2,000 of them were held.A large number of Vedanta Balco labourers gathered at Ambedkar Stadium to court mass arrest, after which more than 2,000 of them were held.
ET SPECIAL:
KORBA (CHATTISGARH): Over 2,000 contractual labourers of aluminium manufacturer Vedanta Balco courted arrest today to press their demands including Employees’ Provident Fund and equal work for equal pay in Chhattisgarh’s Korba district.

A large number of Vedanta Balco labourers gathered at Ambedkar Stadium to court mass arrest, after which more than 2,000 of them were held, Korba Additional Superintendent of Police Lal Umed Singh said.

However, they were released on a bail bond later, he said.

When contacted, Vedanta Balco Chief Executive Officer Ramesh Nayar said the issue would be sorted out soon with co-operation from the district administration and the police.

The management would never take steps against the welfare of its labourers and intends to work in their interest, he said.

He alleged some people with vested interests had provoked the labourers to demonstrate.

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Vedanta’s Anil Agarwal wants Narendra Modi govt to unlock natural resources’ potential and violate tribal rights ?

PTI | New Delhi | Updated: May 21 2014, 14:44 IST
'We expect the NDA government to have clear reforms and forward looking policies on top of their agenda,' says Vedanta Resources Chairman Anil Agarwal.‘We expect the NDA government to have clear reforms and forward looking policies on top oftheir agenda,’ says Vedanta Resources Chairman Anil Agarwal.
SUMMARYVedanta Resources Chairman Anil Agarwal expects MOdi govt to adopt reforms and forward-looking policies.

Vedanta Resources Chairman Anil Agarwal expects the new governmentto adopt reforms and forward-looking policies for unlocking the untapped potential of the country’s natural resources sector.

“We expect the new government to have clear reforms and forward looking policies on top of their agenda that can open up this sector’s potential to contribute and strongly impact the GDP growth of the country,” Agarwal said in a statement.

Though the country has abundant reserves of oil & gas, bauxite, coal, iron ore, copper and gold, it is spending multi-billions of dollars on imports, he said.

India’s imports dipped 8.11 per cent to USD 451 billion in 2013-14.Natural resources, including oil and gas, contributed a significant part in the total basket.

A new government with Narendra Modi as Prime Minister in the Centre is slated to take office on May 26.

“We should explore, produce and utilise our natural resources optimally in the most sustainable and environment friendly manner. Hundreds and thousands of large, medium and small scale industries can be set up across the nation to process our raw material and build infrastructure, this can create significant opportunities for employment,” Agarwal said.

The London Stock Exchange-listed Vedanta Resources has business interests in areas such as oil and gas, aluminium, zinc, copper and iron ore, among others.

 

Read mor ehere- http://www.financialexpress.com/news/vedantas-anil-agarwal-wants-narendra-modi-govt-to-unlock-natural-resources-potential/1253025

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Odisha Pollution Control Board gives green sgnal to Vedanta in Lanjigarh #WTFnews

Wednesday, March 12, 2014
Odisha Pollution Control Board found nothing objectionable in functioning of the Vedanta Aluminium in Lanjigarh
Lanjigarh: The Odisha Pollution Control Board (OPCB) has found nothing objectionable in the functioning of the Vedanta Aluminium Limited in Lanjigarh of Kalahandi district.
An on- the- spot enquiry of the unit by Assistant Environment Engineer D Sethi observed nothing objectionable from the environmental perspective and no breach of the pollution standards.
After the verification it was found that the plant had been shut down from December 5, 2012 to July 11, 2013 due to scarcity of raw material (bauxite). There was no over flow from the ash pond, process water lake, dirty water pond and clear water pond. The engineer pointed out that there was no damage to the cultivated land around the red mud plant. Water quality of river, stream and tube well from different locations outside the plant and raw water reservoir remains within the acceptable limit of 5.5 to 9.0.

There is no seepage or leakage from the red mud pond and the unit has adequate boilers with ESPs. The unit has raised the dyke wall of ash pond by more than five meter using fly ash and soil. About 50 per cent of the work is completed and the remaining work of dyke height raising of ash pond will be started when the plant re-runs in full fledge.

rEAD more here – http://www.orissadiary.com/ShowBussinessNews.asp?id=48518

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