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Vedanta Mulling Separate Listings Of Different Businesses, Says Anil Agarwal
Vedanta Ltd. is considering separately listing all or some of its businesses to unlock shareholder value, said founder and chairman of the mining giant Anil Agarwal on Friday. In a video message, Agarwal said the company has a diversified presence in oil and gas, metals, mining, and chipmaking, and a separate listing of different businesses will help them grow many folds. “Vedanta, in last two…
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Vedanta announces selection as 'preferred bidder' for Goa iron ore mine
Vedanta Ltd on Saturday said it has been declared as “preferred bidder” for an iron ore mine in Goa. The government of Goa had invited tenders to participate in electronic auction for grant of mining lease in respect of iron ore mines in the state, the company said in a regulatory statement. The company said it had submitted its bid for grant of mining lease. “As per the notice dated June 9,…
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Vedanta's panel of directors to consider raising up to Rs 4,100 cr via NCDs
Vedanta Ltd on Wednesday said a committee of its directors will meet this week to consider raising up to Rs 4,100 crore via debentures.
"The company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 4,100 crore in one or more tranches and in this regard, is holding a meeting of its duly constituted Committee of the Directors on Saturday, June 4," Vedanta Ltd said in a BSE filing.
The above issuance is pursuant to the board of directors' resolutions passed at their meetings on May 7, 2019 and October 3, 2020.
Vedanta Limited is a globally diversified natural resources company with interests in zinc, lead, silver, iron ore, steel, copper, aluminium, power, oil and gas.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Vedanta's group to investment to $20 bn in chip venture in India, roll out by 2025
Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing space, and plans to scale up the investment to as much as USD 20 billion (about Rs 1.5 lakh crore), a senior company official said.
It expects to roll out display units, for use in mobile phones and electronics devices, by 2024 and electronic chips from Indian manufacturing plants by 2025, Vedanta Group's Global Managing Director of Display and Semiconductor Business Akarsh Hebbar told PTI on Friday.
"Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 year we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage," Hebbar said.
He is also managing director of Avanstrate, which handles the display manufacturing business of the Anil Agarwal-led Vedanta Group.
Vedanta Group has applied for setting up a semiconductor plant and a display manufacturing unit under the government's incentive scheme for the sector.
Hebbar said the MoU with Foxconn brings a lot of confidence in the project as the Taiwanese electronics manufacturing company has the technology and there are many entities in Taiwan who have shown their interest in the project.
"Taiwan entered into technology in 1962 and we have very powerful people there who want to tie-up. Foxconn has been very forefront in saying that we understand how this works, there is technology that we have and we will make sure (to implement that) as long as India gives us the way forward, gives us a site to put up the plant," Hebbar said.
The project cost of semiconductors will be in the range of USD 6-8 billion and that of display fabrication will be to the tune of USD 4-5 billion in the first phase.
"We are looking at this project not just as a business venture but something that will lead to 10-fold benefit for employment, companies that are coming in. You will see local entrepreneurs talk about making their own mobile phones.
"We are looking at a USD 25 billion market only in semiconductors which is going to grow for mobile phones, consumer electronics and going forward even for automotive. The market needs IC (integrated circuit) chips, wafer chips," Hebbar said.
He also pointed out that the government has been very active and is committed to address any issue that the semiconductor ecosystem faces.
Vedanta to invest up to $20 bn in chip venture in India, roll out by 2025
Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing space, and plans scale up the investment to as much as USD 20 billion, a senior company official said.
Vedanta's group firm Avanstrate, which will spearhead the semiconductor business, expects to roll out electronic chips and displays from Indian manufacturing plants by 2025, the official of the group's semiconductor arm said on Friday.
"Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 year we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage," Avanstrate managing director Akarsh Hebbar told PTI.
Avanstrate has applied for setting up a semiconductor plant and a display manufacturing unit.
Vedanta to create $10-bn fund to bid for BPCL stake, other assets: Chairman
Mining firm Vedanta Resources Ltd plans to create a $10-billion fund to bid for assets including the Indian government's stake in Bharat Petroleum Corp Ltd (BPCL), its chairman told Reuters on Thursday.
The Indian government is seeking to privatise state-run refiner BPCL by selling its near 53% stake in the firm, worth just over $6 billion, to private entities.
"We are in the process of creating a fund of $10 billion," Anil Agarwal said in an interview in Dubai. "It will not only look at (BPCL) but there are other companies being privatised.
It will look at the potential of those companies also." The fund will be made up of its own resources and outside investment, Agarwal said, adding that it may also finance the BPCL acquisition through debt.