Vedanta parent moves Permanent Court of Arbitration against Indian govt
4 months, 2 weeks ago

Vedanta parent moves Permanent Court of Arbitration against Indian govt

Live Mint  

New Delhi: Vedanta Resources Ltd, the UK-based parent of India-listed Vedanta Ltd, has moved the Permanent Court of Arbitration against the government of India over fresh investments. The BIT case concerns the Indian government’s refusal to sell Vedanta any more shares in the entity, which Vedanta says is in breach of a share purchase agreement," said a report by arbitration journal Global Arbitration Review after the PCA record was published. Investor-state arbitration UK-based Vedanta Resources Ltd raising a dispute against the government of India brings the challenges of investor-state arbitration into the limelight. Investor-state disputes have been a challenge since 2011, when the Indian government faced arbitration for the first time and received an unfavorable ruling in the case of White Industries vs. Republic of India, as per an article by Global Arbitration Review in July this year.

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History of this topic

Vedanta promoters offload 1.76% stake via bulk deal
1 year, 1 month ago

Vedanta promoters offload 1.76% stake via bulk deal

Live Mint  

Promoters of mining and resources major Vedanta Ltd offloaded 1.76% stake in the company for ₹1,737 crore on Thursday through a bulk deal on BSE, data show. The stake sale comes a month after Vedanta’s London-based holding company, Vedanta Resources, restructured its outstanding bonds to delay its immediate debt burden. With the debt restructuring, Vedanta Resources has no debt maturities …

Vedanta plans zinc business shake-up as debt payment looms
1 year, 5 months ago

Vedanta plans zinc business shake-up as debt payment looms

Hindustan Times  

Billionaire Anil Agarwal is exploring an overhaul of his lucrative Indian zinc unit that could split out its three core businesses, as part of the wider Vedanta group’s efforts to reduce a multibillion dollar debt load. Vedanta chairman Anil Agarwal Hindustan Zinc Ltd. said in a statement that it could create separate legal entities for its zinc & lead, silver, …

Stocks to Watch: Tata Motors, Cipla, Infosys, Zee Ent, Vedanta, Sun Pharma, and Others
1 year, 6 months ago

Stocks to Watch: Tata Motors, Cipla, Infosys, Zee Ent, Vedanta, Sun Pharma, and Others

News 18  

Stocks to Watch on September 15: GIFT Nifty on the NSE IX traded 11.5 points, or 0.06 per cent, higher at 20,229, signaling that Dalal Street was headed for positive start on Friday. Sun Pharma: LIC on Thursday said it has sold 2 per cent of its holding in Sun Pharma for Rs 4,699 crore via open market sale. Vedanta …

Vedanta wins arbitration against government in $1.1-billion cost disallowance case
1 year, 7 months ago

Vedanta wins arbitration against government in $1.1-billion cost disallowance case

The Hindu  

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of ₹9,545 crore in certain costs incurred, the company said. "The company has received an arbitration award dated August 23, 2023. upholding the contention of the company that additional profit petroleum, on account …

Vedanta clears loans due till April, cuts debt by $1 bn more
1 year, 11 months ago

Vedanta clears loans due till April, cuts debt by $1 bn more

Live Mint  

New Delhi: Anil Agarwal-promoted Vedanta Resources Ltd, the parent company of Vedanta Ltd, announced on Monday that it has paid off all maturing loans and bonds due in April, reducing its gross debt by an additional $1 billion. Vedanta Resources Ltd has $500 million bonds maturing in May and another $1 billion bond due in January 2024. The group has …

Vedanta’s Anil Agarwal said to weigh stake sale as last-resort option
2 years ago

Vedanta’s Anil Agarwal said to weigh stake sale as last-resort option

Live Mint  

Indian tycoon Anil Agarwal is studying options including selling a minority stake in Vedanta Ltd. as he looks to shrink his commodities business empire’s massive debt load, according to people familiar with the matter. Agarwal’s Vedanta Resources Ltd., which owns about 70% of Vedanta, has been in talks with at least three banks for a loan of as much as …

Vedanta must take care not to sound like India’s next Adani
2 years ago

Vedanta must take care not to sound like India’s next Adani

Live Mint  

Highly leveraged Indian tycoons are having a rough time. Anil Agarwal’s once-London-listed Vedanta Resources has a pile of debt, including a $1 billion bond due January. Around this time last year, when the US Fed was still to begin raising interest rates to tame inflation and Russia’s war in Ukraine had started to send commodities surging, Agarwal was toying with …

Vedanta Resources Will Not Fund Deal with Bharat Petroleum, says Founder Anil Agarwal
3 years, 1 month ago

Vedanta Resources Will Not Fund Deal with Bharat Petroleum, says Founder Anil Agarwal

News 18  

Vedanta Ltd.’s possible acquisition of state-run Bharat Petroleum Corporation Ltd will not be done using its parent company’s fund. A day after the mining firm announced its plan to set up specific funds with strategic investors for the deal, the company’s founder and chairman Anil Agarwal has emphasized that Vedanta Resources’ funds will not be utilized for the acquisition. Agarwal …

Setback For Government As Cairn Energy Wins Arbitration Ruling In High-Profile Tax Dispute - What Is The Case?
4 years, 3 months ago

Setback For Government As Cairn Energy Wins Arbitration Ruling In High-Profile Tax Dispute - What Is The Case?

ABP News  

Elon Musk Reveals Apple CEO Refused Talks To Acquire Tesla At $60 Billion Cairn Energy has won an international arbitration case against the Indian government over a tax dispute that made international investors nervous over retrospective tax claims on companies. The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded …

Cairn Energy Wins Investment Treaty Arbitration Against India Over Tax Dispute: Report
4 years, 3 months ago

Cairn Energy Wins Investment Treaty Arbitration Against India Over Tax Dispute: Report

News 18  

Cairn Energy has won an international arbitration case against the Indian government over a tax dispute, ending one of the most high profile disputes in the country, two sources with direct knowledge of the matter told Reuters. Cairn in March 2015 filed a formal dispute against a demand for more than $1.6 billion from the Indian tax department that dates …

Vedanta to raise up to Rs 2,000 cr through NCDs; to hold meeting on 8 January
5 years, 2 months ago

Vedanta to raise up to Rs 2,000 cr through NCDs; to hold meeting on 8 January

Firstpost  

Vedanta is the Indian subsidiary of Vedanta Resources Plc, a London-listed company New Delhi: Vedanta Ltd on Sunday said it proposes to raise up to Rs 2,000 crore via issuance of non-convertible debentures. “We would like to inform you that the company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 2,000 crore in one or …

Vedanta Resources to challenge winding up of Zambian business in court
5 years, 9 months ago

Vedanta Resources to challenge winding up of Zambian business in court

Firstpost  

Vedanta Resources on Tuesday plans to challenge the appointment of a provisional liquidator and the intended winding up of its Zambian business without the chance to be heard through lawyers of its choice, documents filed in court show Lusaka: Vedanta Resources on Tuesday plans to challenge the appointment of a provisional liquidator and the intended winding up of its Zambian …

Tamil Nadu to ask National Green Tribunal to dismiss Vedanta plea to reopen copper smelter
6 years, 8 months ago

Tamil Nadu to ask National Green Tribunal to dismiss Vedanta plea to reopen copper smelter

Firstpost  

The Tamil Nadu government ordered the permanent closure of the Vedanta’s copper plant and disconnected its power supply in May following protests that turned violent and culminated in the police opening fire on protesters, killing 13 of them. New Delhi: Tamil Nadu will ask the nation’s environment court to dismiss a Vedanta Ltd petition seeking to reopen its copper smelter, …

Sterlite protests land a blow to Vedanta boss Anil Agarwal’s ambitions
6 years, 10 months ago

Sterlite protests land a blow to Vedanta boss Anil Agarwal’s ambitions

Live Mint  

New Delhi: Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources Plc into a global resources giant. “This can lead to investors becoming more conscious against investing in the company which can hurt long term sustainability of some of the businesses,” said Shriram Subramanian, managing director of proxy advisory firm InGovern, adding that …

Vedanta on the look out for new CEO
11 years, 2 months ago

Vedanta on the look out for new CEO

The Hindu  

London-listed Vedanta Resources is looking to appoint a new Chief Executive as the present incumbent M S Mehta has agreed to continue for only 3 months. M S Mehta has agreed to extend his employment contract until 31 March 2014 while the Nominations Committee concludes the search for his successor.” Industry sources said former Rio Tinto head Tom Albanese is …

CBI registers prelim enquiry against Vedanta chairman
11 years, 3 months ago

CBI registers prelim enquiry against Vedanta chairman

Firstpost  

It is alleged in the enquiry that Sterlite Industries, part of Vedanta Resources, had picked up stake in the public sector undertaking at an undervalued price resulting in the estimated losses running into hundreds of crore to the exchequer, CBI sources said. New Delhi: CBI has registered a preliminary enquiry against Vedanta Group Chairman Anil Agarwal and unknown officials in …

Vedanta proposes fresh valutation for Hindustan Zinc, Balco stake
12 years, 6 months ago

Vedanta proposes fresh valutation for Hindustan Zinc, Balco stake

Firstpost  

Vedanta has approached the government suggesting a fair market valuation for Hindustan Zinc Limited and Bharat Aluminium Limited, reports CNBC-TV18. Proposing a fair market valuation for public sector firms Hindustan Zinc Limited andBharat Aluminium Limited, metals-major Vedanta has written to the government seeking higher valuations for both the companies, reports CNBC TV18’s Anshu Sharma. Vedanta proposed fair valuation by independent …

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