Hubbry Logo
Vedanta LimitedVedanta LimitedMain
Open search
Vedanta Limited
Community hub
Vedanta Limited
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Vedanta Limited
Vedanta Limited
Vedanta Limited
View on Wikipedia
from Wikipedia

Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.[4]

Key Information

History

[edit]

Sterlite Industries

[edit]

Vedanta (then called Sterlite industries) began in the 1980s, as the founder D.P.Agarwal founded Sterlite Industries (India) Limited in Mumbai and begun to buy mining concessions in different states of India. He was soon joined by his two sons, Navin Agarwal and Anil Agarwal, both of whom currently run the company. In 1992, they established Volcan investments in Nassau (Bahamas) as the main holding company for their mines.[5] D.P.Agarwal had a small aluminium conductor business in Patna. His son Anil Agarwal had come to Mumbai to expand their business.[6]

In the 1990s, as the Indian government began to sell off sick (non-performing) companies, Sterlite began to bid for them. They were able to bid successfully for BALCO and Hindustan Zinc Limited, both bankrupt companies that had been closed down for 4 years. Meanwhile, in January 1993, D. P. Agarwal founded Twinstar Holdings Limited in Mauritius, which was mostly owned by Volcan investments. On 26 May 2002, the Enforcement Directorate filed a show cause notice with Sterlite, relating to the six-year period between 1993 and 1999 when Twinstar acquired the shares of Sterlite and various investment companies – such as Dwarka Prasad Anil Kumar Investments Private Limited, Pravin Navin Investment & Trading Private Limited and Sterlite Copper Rolling Mills Private Limited – which, in turn, had made substantial investments in Sterlite and another group company, Madras Aluminium Company Limited (MALCO) after obtaining permission from the Reserve Bank of India (RBI). On 29 April 1999, many of these investment companies were liquidated and all the shares of Sterlite came back to Twinstar's possession. Twinstar became the 100% owner of shares in these investment companies and received government approvals from the RBI as well as the Foreign Investment Promotion Board (FIPB).[5]

On 8 December 1999, officials of the Income Tax department raided the offices of Sterlite located at Dhanraj Mahal, Apollo Bunder and Tulsiani Chambers, Mumbai, and seized many documents. The IT department then decided to engage the services of ED officials as it appeared that there could have been a violation of the country's foreign exchange laws. After analyzing these documents, the ED inferred that Twinstar was incorporated with the sole intention of acquiring an interest in Sterlite. The Directorate alleged that the Agarwals, before liquidating the shares of the investment companies mentioned, had written off loans worth 230 million and made an agreement to gift their overseas corporate body, Twinstar, a sum of ₹338 million including shares of Sterlite worth ₹72 million. Between 1993 and 1999, Sterlite and its investment companies allegedly brought in ₹2.08 billion to India through Twinstar to subscribe to the shares of Sterlite and make investments in the company.[7][5]

Sesa Goa – Scambi (1954–1963)

[edit]

The company today known as Sesa Goa was founded in 1954, as Scambi Economici SA Goa.[8] Since then, it gradually grew to become a large low-cost producer of iron ore. During 1991–1995, it diversified into the manufacture of pig iron and metallurgical coke. Scambi Economici Societa Anonyma (SESA), owned by Baron Ludovic Toeplitz, with the financial backing of Alessandro Vassalo, obtained the Orasso Dongor mining lease in Sirsaim, Goa in 1954 and Sesa Goa Limited was formed. It was bought over in 1955, with equal shareholding, by Gewerkeshaft Exploration e Bergbau and Ferromin S.p.A., a subsidiary of Finsider S.p.A. (of IRI group), which eventually acquired the other half stake in 1963.[citation needed]

Sesa Goa (1963–2007)

[edit]

Sesa Goa Limited was incorporated as a private limited company in 1963 under The Companies Act, 1956. In 1979, Sesa Goa Private Limited was formed, with the merger of Sesa Goa Limited with another mining company in Goa, Mingoa Sociedade Miniera Goesa S.a.r.l. By 1965, Sesa Goa and Mingoa were incorporated as a private limited company under The Companies Act, 1956. The merger happened in 1979 and the new, unified company was called 'Sesa Goa Pvt Ltd'. The company went public in 1981[9] with 42,000 Indian shareholders, holding 60% of its shares and the remaining 40% held by Finsider International, which later became ILVA International. Sesa Goa had started with iron mining as its core business but slowly, it ventured into barge construction in 1984 at Sirsaim, located in the Bardez taluka of North Goa. Since then, the barge construction unit has been developed into a shipbuilding division.[10]

In the 1990s, Sesa Goa began further expansion, aided by an influx of foreign investment during the economic liberalization of India enforced by the World Bank and IMF. In 1992, the first phase of a 150,000 ton pig iron plant was commissioned. In the same year, Sesa introduced India's first low-phosphorus foundry grade pig iron in India and subsequently formalised the business under pig iron division. The pig iron plant was located at Amona, Goa and had an annual production capacity of 250,000 tonnes per annum. Other alliances were formed in the nineties—in January 1995, Sesa Shipping was launched by acquiring a transhipper M.V. Orissa. The year also saw the inclusion of 84 new coke ovens. When Mitsui & Co. of Japan bought Finsider International in 1996, it gained 51% stake in Sesa Go. By 1997, Sesa Kembla became a 100% subsidiary of Sesa Goa.

In 1997, A Narrain mines located in Chitradurga, Karnataka were purchased. A Supreme Court directive in August 2011 led to suspension of mining activities in the region. In 1999, Sesa Goa started mining operations in Barbil, which has the fifth largest deposit of iron ore and manganese in the world. They started producing iron ore which was exported from the port towns of Haldia and Paradip. During this time, the company also started the Sesa Community Development Foundation that supported the NCM Sesa Technical School and a football academy called SESA F.A. In March 2024, Supreme Court also rejected a plea for reopening the plant in Tamil Nadu.[11]

During the end of the 90s, the company also began to consolidate through mergers and acquisitions. Sesa Kembla completed the creation of an indigenous and environment-friendly technology that produced high-quality metallurgical coke. This technology generated power[12] as a by-product.[13] In 2003, the Sesa Goa equity in Sesa Industries was raised to 88.25%, impacting the shareholding pattern.

Take over by Vedanta (2007)

[edit]

In 2007, Vedanta Resources Plc, a diversified metals and mining group founded by Anil Agarwal, acquired 51% controlling stake[14] in Sesa Goa Ltd. from Mitsui & Co. Ltd. Vedanta Resources is listed on the London Stock Exchange and a constituent of FTSE 100 Index. The deal was worth ₹40.7 billion (US$480 million), making it the largest M&A deal in the industry so far.[15] In 2009, Sesa Goa acquired Goa-based Dempo Group's mining and maritime businesses for ₹17.5 billion (US$210 million) in an all-cash deal.[16][17] This was the second largest[18] acquisition in India's iron-ore industry, and it gave Sesa Goa access to Dempo's 70 million tons of iron-ore mineable resources in Goa. In 2011, Sesa Goa purchased 51% stake in Western Cluster, Liberia for $90 million.[19] The Liberia Gola Forest Community people who also suffered from the civil war believe that the coming of Western Cluster will help to alleviate their suffering and provide employment.

In 2007, it became a majority-owned subsidiary[20] of Vedanta Resources Plc, listed on the London Stock Exchange, when Vedanta acquired 51% controlling stake from Mitsui & Co., Ltd. In June 2009, Sesa Goa Limited acquired[16] VS Dempo & Co. Private Limited (now Sesa Resources Limited) along with its fully owned subsidiary Dempo Mining Corporation (now Vedanta Limited) and 50% equity in Goa Maritime Private Limited. In 2010, Vedanta acquired the zinc assets of British miner Anglo American plc.

In 2011 Vedanta Resources bought 58.5% controlling stake in Cairn India, India's largest private sector oil & gas company.[21] In 2015, Sterlite Industries and Sesa Goa announced their merger and finally merged into a single entity in August 2015.[22] In 2015, Sesa Sterlite changed its name to Vedanta Limited.[23] On 11 April 2017, Cairn India merged with Vedanta Limited to consolidate its position as one of the largest diversified natural resources companies in the world.[24]

In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited.[25] Electrosteel Steels had been constructing an integrated steel plant at Siyaljori in Jharkhand.

In May 2020, it is declared that company is going to delist from Indian bourses as per the comment by Mr. Anil Agarwal.[26]

In September 2022, Vedanta signed a pact with Foxconn as a technical partner to invest ₹1.54 trillion (US$18 billion) to set up semiconductor and display production plants in Gujarat. The venture intends to start manufacturing display and chip products within two years. The investment follows the Indian government commitment to expand incentives beyond an initial $10 billion plan for those investing in manufacturing of semiconductors.[27][28] Barely a year later in July 2023 the venture was ended with mutual agreement with both companies maintaining that they are still looking to set up semiconductor foundries in India.[29][30]

On 24 March 2024, Vedanta Ltd announced a $6 billion investment across various business verticals, including aluminium, zinc, iron ore, steel, and oil and gas, aiming to add at least $2.5 billion to its annual EBITDA. The investment is part of a strategy involving over 50 active projects expected to generate additional revenues of over $6 billion, with plans for a significant vertical split leading to the creation of five newly listed companies.[31]

Operations

[edit]

Though the company primarily operated in Goa and Karnataka, it has gradually expanded its operations in recent years to Odisha, Rajasthan, Chhattisgarh, Tamil Nadu, Punjab, Jharkhand, Gujarat and Andhra Pradesh.[32]

Vedanta limited owns, leases and operates in India through the following entities:

  • Bharat Aluminium Company: In February 2001, Government of India in a major dis-investment deal, approved the sale of its 51% stake in BALCO to Sterlite Industries (now Vedanta Limited) for Rs.551.5 crores.[33] The government of India owns the remaining 49.0%. Incorporated in 1965, BALCO was a profit making Public Sector Company which had played a crucial role in increasing the usage of aluminium over a wide spectrum of products ranging from household utensils to aerospace and defense sectors. BALCO is headquartered at Korba in the state of Chhattisgarh and is a vertically integrated aluminium producer having its own captive bauxite mines, captive power plants and smelter.[34]
  • Hindustan Zinc: HZL is headquartered in Udaipur in the state of Rajasthan. HZL's equity shares are listed and traded on the NSE and BSE. Vedanta owns 64.9% of the share capital in HZL and has management control. Sterlite has a call option to acquire the government of India's remaining ownership interest.[35]
  • Sterlite Copper (Tuticorin):[36] Sterlite is registered office headquartered in Tuticorin, Tamil Nadu, India. Sterlite has been a public listed company in India since 1988, and its equity shares are listed and traded on the NSE and the BSE, and are also listed and traded on the NYSE in the form of ADSs. Vedanta owns 53.9% of Sterlite and has management control of the company. Protest by Public of Tuticorin started for not following Environmental Clearance Issues. The Tamil Nadu Pollution Control Board (TNPCB) accused the factory of releasing noxious gas in the air. It said sulphur-di-oxide levels had gone off the charts on the night of 23 March in the year 2013. It showed a reading of 2939.55 mg/cubic metre against the prescribed limit of 1250 mg/ cubic metre more people were affected by cancer and other breathing disorders but the Indian government did not take any action.[37]
  • Twin star (a Mauritius-based offshore holding company that owns sizable parts of Vedanta limited)[38]
  • Cairn India and Cairn energy India (oil and offshore exploration)[36]
  • Mines in Goa (currently frozen statewide) and Karnataka (owned by Vedanta limited)[39]
  • Electrosteel Steels limited, Jharkhand (through Vedanta star, a holding company)[38][40]
  • Talwandi Sabo power limited (a thermal power plant in Mansa, near Bathinda, Punjab)[36][41]
  • Vedanta Aluminium: Vedanta Aluminium is headquartered in Jharsuguda, Odisha. Vedanta owns 70.5% of the share capital of Vedanta Aluminium and Sterlite owns the remaining 29.5% share capital of Vedanta Aluminium. Vedanta Aluminium produces ingots, billets & wire rods that are sold in the markets around the world. Vedanta Aluminium Limited (VAL) has acquired a 24.5% stake in L & T subsidiary Raykal Aluminium. Based on achieving certain milestones, Vedanta Aluminium will fully acquire Raykal Aluminium in phases.[42] Vedanta is undertaking an expansion program. It plans to produce around 1.5 million tonnes of aluminium in the fiscal year 2016-17 from its Jharsuguda and Korba smelters which will make it the largest aluminium producer in India. Its alumina refinery, located in Lanjigarh, plans[43] to produce 1.5 million tonnes of alumina and depending on availability of domestic bauxite will subsequently ramp it up to 4 million tonnes per annum in the near future.[44] Despite NGO sponsored activism, the Lanjigarh smelter has seen a lot of support from the local people who see it as an important source of employment and livelihood.[45]
    • Madras Aluminium Company: MALCO is headquartered in Mettur, India. MALCO's equity shares are listed and traded on the NSE and BSE. It owns 93.9% of MALCO's share capital and has management control of the company.[46]

Shareholding pattern

[edit]

As of 30 June 2018, the company is owned 50% by the promoters (under Finsider international and Twinstar holding, both holding companies owned under the names of 12 members of the Agarwal family) and 50% by the public. The promoters ownership (51%) is held under "Westglobe limited" under "Twinstar holdings" (37%) and Finsider international (11%).[47] The balance 49% of the company is owned by mutual funds (ICICI Prudential), foreign portfolio investors (17%), Corporate bodies (7%), LIC India (6%), Citibank New York (4%), individual retail shareholders (5%) and Citibank NYADR (4%).[48]

Relationship with Sesa Goa: Sesa Goa was originally a Portuguese owned company, with iron ore mines in Goa. In the 1990s, Sesa Goa was purchased by Sterlite industries (subsequently renamed as Vedanta Limited).[49]

Vedanta Management has shared its intentions to delist company from stock exchanges subject to Shareholders approval. However, delisting is a lengthy process and may take years.[50]

Relationship with Cairns India and Carins energy: In 2016, Cairns India and Cairns Energy were purchased by Vedanta Limited. Cairns was a US-owned company and the 2nd largest private oil and gas company in India.

Products

[edit]

Copper: Vedanta limited operates the largest copper smelter In India, in Tuticorin. This contributes to nearly 50% of Vedanta Limited's profits. In early 2016, due to local protests related to environment pollution, the plant was temporarily shut down by the Tamil Nadu state government. Vedanta has contested these claims, stating that its gas emissions are well below the state norms and the emissions of 11 other neighboring industries. It has also stated that their plant does not pump any water into the sea, due to a change in the plant configuration after a previous (2013) complaints from the state government.[51]

Zinc-Lead-Silver: Zinc India business is owned and operated by Hindustan Zinc Limited (HZL). HZL owns and operates a fully integrated zinc-lead business. HZL is one of the world's largest integrated zinc-lead producers by volume. Sesa Sterlite owns 64.9% of the share capital of HZL, while the Government of India remains an equity partner and holds a 29.5% stake. HZL is listed on Indian stock exchanges (NSE and BSE).HZL's fully integrated zinc operations include five lead-zinc mines, one rock phosphate mine, four hydrometallurgical zinc smelters, two lead smelters, one lead-zinc smelter, four sulphuric acid plants, one silver refinery and six captive power plants at our Chanderiya, Dariba and Zawar facilities in the State of Rajasthan, processing and refining facilities for zinc at Haridwar and for zinc, lead and silver at Pantnagar, both in the State of Uttarakhand and in northern India. In FY 2013, these operations delivered 870,000 tonnes of mined zinc-lead metal-in-concentrate, and 802,000 tonnes of refined zinc and lead.[52]

Aluminium: Vedanta's aluminium output rises 2% to 584,000 tonnes in second Qtr of FY23[53]

CSR & Sustainability

[edit]

Vedanta invested US$37 million towards community development in 2015–16, benefitting over 2.25 million people globally.[54] The Confederation of Indian Industry (CII) ranked Vedanta Limited and its subsidiary Hindustan Zinc among the top ten sustainable firms in India.[55] In FY2016, Vedanta recycled 47% of the fly ash generated through operations, as well as recycled 23% of the water utilized during its operations.[56]

The company developed a Public-Private-Partnership (PPP), with the Ministry of Women and Child Development, Government of India to modernize and construct the Anganwadi infrastructure in India.[57][58]

Controversies

[edit]

2001 SEBI case

[edit]

In 2001, Sterlite industries, BPL and Videocon were found guilty by the Securities Exchange Board of India (SEBI) of having colluded with the broker Harshad Mehta and 17 brokers (10 from BSE and 7 from NSE) in a bid to corner shares and rig shares prices. This resulted in a ban on Sterlite from accessing capital markets for 2 years.[59] Subsequent to this, in 2003, Vedanta Resources (UK) was listed on the London Stock Exchange. Vedanta Resources itself is a holding company that owns many entities including a large proportion of Vedanta Limited and Sterlite industries.[60]

Tuticorin Sterlite protests

[edit]

In early 2018, thousands of residents of Tuticorin began to protest against the Sterlite plant located in the industrial complex there. The protests continued for three months and began to draw the attention of the media as well as local political parties who began to instigate as well as mobilise locals. Most of the protests were related to what locals perceived to be pollution from the Sterlite factory. The managers of Sterlite countered that there were another four similar plants adjacent to them, and that they were complying with all government regulations. There was little equipment, either with the plant or with the government to take actual measurements of the air in the vicinity. Sterlite further countered that contrary to the rumours that were being circulated, they did not pump any water from the plant into the sea which lay more than 10 kilometers away. In April 2018, the Government of Tamil Nadu placed an order to close down the factory.[61] This order was temporarily cancelled by the district collector.[62][63]

In May 2018, amidst ongoing protests by thousands of people, matters turned rough one day and the police opened fire on demonstrators.[64][65] The firing killed 13 people and protesters turned violent, burning vehicles and structures. Residents say the copper smelter is causing environmental damage. Subsequent to the firing, the Tamil Nadu chief minister Palaniswami ordered a judicial inquiry into the shootings but defended the police response.[66]

Awards

[edit]

Vedanta Aluminium received the recognition of "Indian Affairs India's Most Valuable Aluminum Producing Company of the Year 2018" & Its CEO Abhijit Pati in the category of "Indian Affairs Innovative CEO of the year 2018" at the Satya Brahma 9th Annual India Leadership Conclave 2018 in Mumbai.[67]

Offices

[edit]

The registered office and corporate office of Vedanta Limited are based in Mumbai.[68] The company has offices in New Delhi, NCR as well as across its operations in the country.

Recent Developments (August 2025 – Present)

[edit]

Demerger Plan Objections

[edit]

In August 2025, Vedanta's proposed demerger plan faced significant objections from the Indian federal government and the Securities and Exchange Board of India (SEBI). The government raised concerns over concealed liabilities and incomplete disclosures, leading the National Company Law Tribunal (NCLT) to defer the hearing to September 17, 2025[69]. SEBI issued a warning regarding modifications made to the demerger scheme post-No Objection Certificate (NOC).[70]

Dividend Announcement

[edit]

On August 21, 2025, Vedanta's board of directors met to consider and approve the second interim dividend for the financial year 2025-26. If declared, the record date for determining shareholder entitlement is set for August 27, 2025. This follows a first interim dividend of ₹7 per share announced in June 2025.[71][72]

Hindustan Zinc's Sustainability Initiative

[edit]

Hindustan Zinc, a subsidiary of Vedanta, announced plans to establish a 10 million tonnes per annum (MTPA) tailings reprocessing plant with an investment of ₹3,823 crore. This initiative aims to enhance resource efficiency and contribute to Vedanta’s sustainability goals.[73]

Digital Education Initiative

[edit]

ESL Steel Limited, part of the Vedanta Group, inaugurated a digital café in Madunia, Bokaro, to provide digital education and online learning resources to students from Classes 6 to 10. This initiative aims to bridge the rural-urban education divide through technology-enabled learning opportunities.[74]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Vedanta Limited

View on Grokipedia
from Grokipedia

Vedanta Limited is an Indian multinational natural resources conglomerate headquartered in Mumbai, primarily engaged in the exploration, mining, and processing of metals including zinc-lead-silver, aluminium, copper, iron ore, and steel, alongside operations in oil and gas, power generation, and emerging technology sectors such as displays. Founded by industrialist Anil Agarwal in 1979 initially as a non-ferrous metals trading business that evolved through acquisitions into a major diversified player, the company operates across India and internationally in countries like South Africa, Liberia, and Namibia, positioning itself as a global leader in commodities production. Vedanta has achieved prominence as India's largest producer of , lead, silver, and , with integrated operations from to that contribute significantly to national output and exports, supported by substantial investments in capacity expansion and technological upgrades. In 2024-25, the company reported growth to approximately ₹1,566 billion, driven by strong performance in core metals segments amid volatile global commodity prices, while pursuing a strategy to unlock value in its verticals. However, Vedanta's operations have been marred by recurring controversies, including environmental violations such as unauthorized fly ash dumping leading to multimillion-rupee fines, alleged breaches of and tribal in areas, and reports of covert to relax environmental regulations during the . These issues, documented in regulatory actions and independent investigations, underscore ongoing tensions between the company's extraction scale and compliance with ecological and community standards in ecologically sensitive regions like and .

Company Profile

Founding and Evolution

Vedanta Limited originated from Sterlite Industries, founded by Indian entrepreneur Anil Agarwal in 1976 as a manufacturer of jelly-filled telecommunication cables following his acquisition of Shamsher Sterling Corporation, a small enameled products firm. Agarwal, who had earlier engaged in scrap metal trading after moving to in his youth, recognized opportunities in India's nascent non-ferrous metals sector amid . The company evolved rapidly in the and by diversifying into processing; in , Sterlite became India's first entity to establish a smelter and with a capacity of 120,000 tonnes per annum at . This marked a shift from trading and basic to integrated metal production, leveraging Agarwal's vision for in response to import dependencies and domestic demand growth. By the early , expansions included stakes in state-owned assets like a 26% interest in Limited in 2002, enhancing and lead operations. Further evolution occurred through strategic acquisitions and mergers, culminating in the 2007 purchase of Sesa Goa, an mining firm tracing to 1954, which integrated capabilities and renamed the merged entity Sesa Sterlite Limited in 2013. The company rebranded to Vedanta Limited in , reflecting its broadened portfolio in , and gas, and power, while remaining under the promoter control of Agarwal's family via Plc. This progression transformed it from a cable producer into a diversified natural resources conglomerate with operations across multiple continents.

Corporate Structure and Leadership

Vedanta Limited operates as a incorporated in , serving as the flagship entity for the Indian operations of the Group, with its registered office in . It functions primarily as a overseeing diversified , metals, and segments, including , , oil and gas, , , and power generation. The company is majority-owned by Vedanta Resources Limited, a UK-based parent holding approximately 68.3% of shares as of July 2024, with the remainder held by public shareholders, institutional investors, and minority stakes. The corporate structure includes direct ownership or control of numerous subsidiaries and joint ventures, such as Bharat Aluminium Company Limited (BALCO) for aluminium smelting, for copper operations (prior to certain divestments), and full ownership of entities like Western Cluster Limited and Vizag General Cargo Berth Private Limited for and support. Limited, a key producer, is majority-owned (64.92%) by Vedanta Limited but operates as a separately listed with significant . This layered structure enables segment-specific management while centralizing strategic oversight under the parent. Leadership is anchored by the Board of Directors, with Anil Agarwal serving as Non-Executive Chairman since the company's evolution from Sterlite Industries, providing foundational vision rooted in his role as Vedanta Group's founder. Navin Agarwal, his son, holds the position of Executive Vice Chairman, guiding overall strategy and operations across business units. Arun Misra acts as , focusing on and base metals, while Priya Agarwal Hebbar contributes as a with family ties to the founding stakeholders. The board also includes independent directors such as Dindayal Jalan for governance balance, ensuring compliance with SEBI regulations on board composition. Key management personnel include Ajay Goel, responsible for financial strategy amid the group's efforts.

Core Business Focus

Vedanta Limited's core business encompasses the exploration, mining, processing, and marketing of essential natural resources, with a primary emphasis on non-ferrous metals, , oil and gas, and associated power generation. The company maintains leadership in multiple segments, serving as India's largest producer of , lead, silver, , , oil and gas, and , while operating low-cost assets across , , , and . Its operations prioritize critical minerals vital for technologies, including production through Nicomet, India's only such facility, alongside emerging interests in semiconductors and glass substrates to support technological self-reliance. Key segments include zinc-lead-silver mining and refining, primarily through subsidiaries like , which focus on underground and open-pit operations yielding integrated metal outputs; aluminium production via mining, alumina refining, and ; and extraction for inputs. Oil and gas activities, centered on Oil & Gas, involve and production in and other basins, contributing to domestic energy supply. Power generation supports these metal operations through captive and hydro facilities, ensuring cost efficiency. Vedanta's strategy integrates , targeting net-zero carbon emissions by 2050 with a $5 billion over the next decade, while expanding capacities to meet rising demand in , renewables, and . In , the company pursued $20 billion in expansions across metals and energy segments, seeking global partnerships to enhance technological and operational scale. This diversified model generates robust cash flows from value-added products, positioning Vedanta as a pivotal supplier in global chains despite environmental and regulatory challenges in mining-intensive regions.

Historical Development

Origins in Sterlite Industries

Sterlite Industries (India) Limited originated from the entrepreneurial efforts of Anil Agarwal, who established the foundational business of the Vedanta group in 1976 through a metal dealership in . This venture marked Agarwal's entry into the metals sector, leveraging low-cost trading to build capital for industrial expansion. By , Agarwal acquired Shamsher Sterling Corporation, a small cable manufacturing firm, which provided the platform for diversification into wire and cable production. In 1986, Agarwal formally expanded into by founding Sterlite Industries, initially focusing on jelly-filled telecommunication cables to capitalize on India's growing needs. The company quickly pivoted toward non-ferrous metals, aligning with Agarwal's vision of in base metals processing. A pivotal milestone occurred in 1993, when Sterlite Industries commissioned India's first privately owned smelter and refinery in with a capacity of 60,000 metric tons per annum, challenging the state-dominated sector and establishing private enterprise in primary metal production. Sterlite's growth accelerated through subsequent investments, including the Thoothukudi copper complex operationalized in 1996, which boosted refining capacity to over 400,000 metric tons annually by the early and positioned the company as India's largest private copper producer. This expansion relied on Agarwal's strategy of acquiring undervalued assets and importing technology, transforming Sterlite from a cables and trading entity into a integrated and powerhouse. By the mid-, Sterlite Industries had diversified into aluminum and via subsidiaries, laying the groundwork for the broader group's consolidation, though environmental and regulatory challenges, such as emissions violations at , began surfacing amid rapid scaling. These origins in Sterlite underscored a model of aggressive private-sector industrialization, driven by Agarwal's hands-on management and focus on high-margin .

Sesa Goa Integration

In 2007, Vedanta Resources plc acquired a 51% controlling stake in Sesa Goa Limited, India's largest private-sector iron ore exporter, from Mitsui & Co. for approximately USD 981 million, marking the initial integration of Sesa Goa's iron ore operations into the Vedanta group. This acquisition provided Vedanta with significant exposure to high-grade iron ore mining in Goa and Karnataka, with Sesa Goa's operations including open-cast mines producing over 20 million tonnes annually at peak, alongside pig iron production. The full structural integration occurred through an all-share merger announced on February 25, 2012, combining Sesa Goa with Sterlite Industries (India) Limited, Vedanta's primary non-ferrous metals entity focused on , , and . Under the scheme, Sterlite merged into Sesa Goa at a ratio of 3 Sesa Goa shares for every 5 Sterlite shares, approved by the on April 3, 2013, and effective August 17, 2013. The merger aimed to streamline group operations, achieve cost synergies estimated at USD 50-75 million annually, and reduce debt by leveraging Sesa Goa's stronger balance sheet, while creating a diversified metals platform under ' 58.3% post-merger stake. Post-merger, the entity was renamed Sesa Sterlite Limited on September 20, 2013, reflecting the combined and base metals portfolio, before rebranding to Vedanta Limited on April 22, 2015, to align with the parent company's identity. This integration enhanced operational efficiencies, such as shared logistics for ore exports and synergies, but also introduced challenges like regulatory scrutiny over leases in amid environmental concerns. By consolidating assets valued at over USD 20 billion in production capacity, it positioned the company as India's second-largest diversified natural resources firm.

Acquisition by Vedanta Resources and Expansion

In 2007, Vedanta Resources plc, the London-listed parent company controlled by Anil Agarwal, acquired a 51% controlling stake in Sesa Goa Limited, India's largest private-sector iron ore producer, from Japanese conglomerate Mitsui & Co. for approximately $1.1 billion. This transaction marked a pivotal expansion for Vedanta Resources into high-grade iron ore mining, leveraging Sesa Goa's operations in Goa and Karnataka, which produced over 10 million tonnes annually at the time. Building on this, initiated a major restructuring in February 2012 by announcing the all-share merger of its subsidiary Sterlite Industries (India) Limited—a key copper and aluminium producer—with . The merger, approved by 's Competition Commission and effective on August 17, 2013, created Sesa Sterlite Limited (renamed Vedanta Limited in 2015), consolidating Vedanta's Indian ferrous and non-ferrous assets into a single entity valued at around $20 billion. Under the terms, shareholders received three Sesa Goa shares for every five Sterlite shares, while retained a 58.3% stake in the merged company, simplifying group structure and unlocking synergies in , , and power generation. Post-merger expansion accelerated, with Vedanta Limited integrating upstream and downstream operations across metals. In 2010, had acquired zinc assets from , bolstering the group's lead-zinc portfolio, which was subsequently managed under Vedanta Limited's umbrella. By 2011, secured a 58.5% in Limited for $8.5 billion from Energy plc, injecting and gas capabilities into the group and later transferring a significant stake to a Sesa Sterlite as part of the consolidation. These moves diversified Vedanta Limited's revenue streams, with aluminium production capacity expanding from 0.5 million tonnes to over 2 million tonnes by the mid-2010s through brownfield projects in and , supported by captive power plants exceeding 4,000 MW. Further growth included ferro-alloys and steel value chains, with investments in and metallurgical coke facilities tied to output. By 2025, ongoing expansions targeted tripling aluminium output to 3.1 million tonnes via ₹13,226 ($1.57 billion) capex, alongside critical minerals and a ₹1 trillion commitment in for new plants generating over 100,000 jobs. These initiatives, funded amid , emphasized and export-oriented growth, positioning Vedanta Limited as a diversified metals powerhouse despite environmental and regulatory challenges in .

Key Mergers and Milestones Post-2007

In February 2012, Vedanta Resources announced the all-share merger of its iron ore producer Sesa Goa Limited with Sterlite Industries (India) Limited, a key non-ferrous metals entity, to streamline group structure and create a unified natural resources platform. The merger scheme received necessary approvals and became effective on August 17, 2013, forming Sesa Sterlite Limited as the combined entity with integrated mining and smelting operations across zinc, copper, and iron ore. Vedanta's expansion into oil and gas accelerated with the 2010-2011 acquisition of a 58.5% controlling stake in from , marking entry into India's private sector hydrocarbon production. This was followed by the merger of into Vedanta Limited, initially proposed in June 2015 and revised in July 2016 to address shareholder concerns over valuation and governance. The transaction became effective on April 11, 2017, integrating Cairn's $8.5 billion in gross assets (as of March 31, 2016) and enabling debt reduction through access to cash flows from oil fields. In March 2018, Vedanta Limited's resolution plan was approved by the for acquiring Electrosteel Steels Limited under the Insolvency and Bankruptcy Code, securing a 90% stake for ₹5,320 and control of a 2.2 million tonnes per annum integrated plant in . This acquisition diversified Vedanta's portfolio into flat products, leveraging existing raw material linkages from captive and coal assets.

Business Operations

Zinc, Lead, and Silver Operations

Vedanta Limited conducts its zinc, lead, and silver operations primarily through its 64.9% owned subsidiary Limited (HZL), which operates fully integrated , beneficiation, , and facilities in northwest , alongside Vedanta Zinc International (VZI) for overseas assets. HZL holds approximately 75% in India's primary market and ranks as the world's second-largest integrated zinc producer. HZL's key mining assets include five zinc-lead mines: Rampura Agucha, the world's largest underground zinc-lead mine by production; Sindesar Khurd; Rajpura-Dariba; Kayad; and the legacy mine, plus one rock-phosphate mine. These feed downstream processing via four zinc smelters, two lead smelters, one pyro-metallurgical lead-zinc smelter, and captive power plants with a combined capacity exceeding 500 MW. In fiscal year 2024-25 (ending March 31, 2025), HZL recorded its highest-ever mined metal production of 1,095 thousand tonnes, a 2% increase year-over-year, driven by higher grades and operational efficiencies at Rampura Agucha and Sindesar Khurd. HZL's contained metal reserves stood at 10.3 million tonnes of , 2.8 million tonnes of lead, and 304.8 million ounces of silver as of recent assessments. Silver is recovered as a byproduct primarily from lead concentrates at HZL's smelters, positioning the company as the world's third-largest silver producer with annual output around 714 tonnes in fiscal year 2023. Lead production occurs via electrolytic and pyro-metallurgical processes, integrated with zinc operations to optimize recovery rates. HZL's expansion initiatives target doubling mined metal capacity to 2 million tonnes per annum by 2030, supported by up to $2 billion in investments, including debottlenecking at existing mines and new projects to reach interim milestones of 1.2 million tonnes in 2025, 1.35 million tonnes in 2026, and 1.8 million tonnes in 2027. VZI oversees international operations, including the Skorpion Zinc open-pit mine and in (focused on oxide ores), the largely depleted Lisheen mine in Ireland, and Black Mountain Mining in with underground shafts at Deeps and producing zinc-lead-silver concentrates. VZI also advances the Gamsberg project in , with Phase 2 expansion approved in 2022 aiming for ramp-up by 2025-26 to boost output significantly. 2024-25 saw VZI production decline due to suspensions at Black Mountain and headwinds at Skorpion, though the unit employs over 2,700 personnel, predominantly local in . A proposed 2023 sale of VZI assets to HZL for $2.98 billion faced opposition from the Indian government, which holds a 29.5% stake in HZL, and remains uncompleted as of 2025.

Aluminium and Associated Power Generation

Vedanta Limited's aluminium operations are conducted primarily through its subsidiary Vedanta Aluminium & Power Limited, encompassing primary , , and value-added product . The business maintains two key facilities: one at in with a capacity of 1.8 million tonnes per annum (MTPA) of primary , and Bharat Aluminium Company Limited (BALCO) at Korba in , operating at 0.58 MTPA with ongoing expansions targeting 1 MTPA. In the financial year ending March 31, 2025, total aluminium production reached 2.42 million tonnes, reflecting a 2% year-over-year increase driven by operational efficiencies at . The company is investing ₹13,226 crore to expand overall aluminium capacity to 3.1 MTPA by 2028, emphasizing cost-efficient production and integration of downstream value-added segments like billets (current casting capacity of 580,000 tonnes per annum, expanding by 670,000 tonnes). BALCO, in which Vedanta holds a 51% stake (with the owning 49%), focuses on and power integration at its Korba site. On October 13, 2025, BALCO achieved a milestone by tapping the first metal from India's largest 525 kiloampere (kA) reduction pots under its expansion project, enhancing efficiency and output potential. This facility produces primary aluminium products including ingots, billets, wire rods, and alloys, supporting sectors such as and cabling amid rising domestic demand. Associated power generation is critical for the energy-intensive process, with captive thermal plants ensuring reliable supply. The complex includes a 3,615 megawatt (MW) coal-based thermal power facility dedicated to smelter operations, positioning it as one of India's largest integrated aluminium-power setups. BALCO's Korba operations feature captive power stations, including expansions like a proposed unit for a 325,000-tonne-per-annum smelter addition, totaling contributions to 's broader 4,780 MW private-sector power portfolio. To mitigate environmental impacts and align with sustainability goals, Vedanta Aluminium has secured long-term agreements for 380 MW of and 1,335 MW nationally, while deploying in power generation as of April 2024. These measures supplement thermal capacity without compromising smelter reliability.

Oil, Gas, and Ferro Alloys

Vedanta Limited's oil and gas operations are primarily managed through its subsidiary Cairn Oil & Gas, which became integrated following the merger with Cairn India on April 11, 2017. This entity operates as India's largest private-sector exploration and production company, holding a portfolio of 58 blocks with over 50 hydrocarbon discoveries, including the Mangala field in Rajasthan, identified as India's largest onshore oil discovery in more than a decade. Gross operated production averaged 161 thousand barrels of oil equivalent per day (kboepd) in fiscal year 2022 (FY2022), contributing approximately 25% of India's domestic crude oil output as of FY2020. More recent figures indicate a decline, with gross operated production at 109 kboepd for the first half of FY2025, reflecting a 19% year-over-year drop attributed to natural reservoir decline. Exploration and production efforts employ advanced techniques such as 3D seismic imaging, hydraulic fracturing, , and polymer flooding, with 74 new wells brought online in FY2021 to sustain output. Cairn Oil & Gas focuses on both conventional and unconventional hydrocarbons across onshore, offshore, and deepwater domains, aiming to bolster India's self-reliance by reducing import dependency by up to 10%. Recent initiatives include commissioning a new gas processing terminal to add approximately 100 million standard cubic feet per day (mmscfd) of capacity, alongside ongoing investments in open acreage licensing policy (OALP) blocks, though these contributed only 3.7% of FY2025 gross production amid historical underinvestment in exploration totaling ₹4,230 since acquisition. In ferro alloys, Vedanta operates through Ferro Alloys Corporation Limited (FACOR), acquired in September 2020, which specializes in high-carbon (charge chrome) essential for stainless and specialty production. FACOR maintains a nameplate production capacity of 142 kilotons per annum (KTPA) for at its facilities in , , supported by an integrated 100 MW captive power plant and chrome ore operations. Chrome ore production reached 250 kilotons in FY2022, with capacity at 320 KTPA. Production volumes have varied, with output dropping 28% year-over-year to 19,000 tons in the second quarter of FY2026 (July-September 2025), primarily due to a one-month planned shutdown. Expansion efforts include regulatory approval in August 2024 to double capacity from 145,000 tons per year to 300,000 tons per year via two additional furnaces at the plant. In October 2025, announced plans for a ₹2,000 ultra-modern ferro-alloys plant in Keonjhar, , as part of a broader ₹1 investment commitment in the state to enhance downstream capabilities and job creation. These developments align with FACOR's role as one of India's leading exporters of ferro alloys, leveraging beneficiation to minimize waste and improve efficiency.

Iron Ore, Steel, and Other Mining

Vedanta Limited conducts its mining operations primarily through Sesa Goa Limited, a focused on the , , beneficiation, and of high-grade from deposits in and . Established in 1954 as Scambi Economici SA Goa and later integrated into the Group, Sesa Goa operates multiple mines and holds a significant share of India's production capacity, emphasizing low-phosphorus, high-iron-content ores suitable for pelletization and direct shipping. Operations in faced a suspension from 2018 to 2024 due to environmental and regulatory disputes, but resumed on April 4, 2024, under renewed leases and stricter compliance measures, enabling the extraction of approximately 20 million tonnes annually across the state once fully operational. In , Vedanta was declared the preferred bidder for the Janthakal Mine—a 71.16-hectare G3-grade deposit—on July 24, 2025, following a competitive process aimed at bolstering domestic resource security. The company's steel production is centered on ESL Steel Limited, a greenfield integrated steel plant in Bokaro, , with a commissioned capacity of 1.5 million tonnes per annum of saleable steel products, including billets, TMT bars, and structural sections produced via technology using scrap and sponge iron inputs. Vedanta acquired a 90% stake in Electrosteel Steels Limited in June 2018 amid the latter's insolvency proceedings, subsequently reorienting it toward sustainable steelmaking with a focus on value-added downstream products. To enhance integration with upstream supplies, Vedanta announced a US$348 million expansion in 2023 to double ESL's capacity to 3 million tonnes per annum by adding melting and rolling facilities, targeting growth in and sectors. Production metrics reflect operational challenges, with saleable steel output reaching 349,000 tonnes in the first quarter of 2026 (April–June 2025), a 2% decline from the prior quarter due to constraints and market dynamics. Complementing these activities, Vedanta incorporated Sesa Iron & Steel Limited in September 2023 as a wholly-owned subsidiary in , positioned to consolidate beneficiation with and basic processing, thereby reducing logistics costs and improving efficiency amid rising domestic demand. Other mining efforts under this segment include exploratory work in associated minerals like and in , though these remain ancillary to core extraction and contribute minimally to overall output.

Copper Smelting and Processing

Vedanta Limited's copper smelting and processing operations are centered on its unit, featuring an integrated facility in Tuticorin, , , designed to process copper concentrates into refined copper products. The , operational since 1997, has a of 400,000 metric tonnes per annum (MTPA) of refined copper, making it one of the largest in prior to its closure, and historically the country's primary producer contributing up to 36% of domestic refined demand. Associated processing includes a for producing copper cathodes via electrolytic of smelter anodes, a continuous cast rod plant for manufacturing copper rods used in , and ancillary plants for by-products such as sulphuric acid (capacity 1,314 tonnes per day) and (500 tonnes per day), supporting production. The facility was engineered for , wastewater and treating effluents to minimize environmental impact. The process involves of concentrates to produce blister copper and anodes, followed by fire and electrolytic to achieve high-purity cathodes (99.99% ), which are then rolled into rods. also engages in custom , processing third-party concentrates on a tolling basis, generating through treatment and charges (TC/RC) benchmarked against global standards like those from the London Metal Exchange. This custom operation continued post-closure of , with volumes adjusted for market TC/RC realizations, contributing to segmental EBITDA. Additionally, a refinery and rod plant in , Dadra and Nagar Haveli, supports downstream processing, with recent shifts of machinery from Tuticorin to enable expansion there amid the main site's inactivity. The Tuticorin facility faced operational halts starting with a 2013 order for environmental violations, escalating to a permanent closure in 2018 by the government following protests over alleged pollution, including groundwater contamination and emissions, which resulted in 13 deaths during clashes with police. The upheld the closure in 2024, rejecting Vedanta's appeals, and in 2025, the denied reopening pleas, prompting approvals to relocate expansion-related machinery to over an 80-day period ending June 3, 2025. As a result, primary at Tuticorin remains suspended as of October 2025, shifting focus to custom processing, imports for domestic supply, and potential new ventures, such as a planned 400,000 MTPA smelter in announced in 2024, though not yet under Vedanta Limited's direct Indian operations. This downtime has reduced India's self-sufficiency in refined copper, increasing reliance on imports and highlighting vulnerabilities for the sector.

Ownership and Financials

Shareholding and Promoter Influence

Promoters of Vedanta Limited hold 56.38% of the company's equity shares as of September 2025, providing substantial control over corporate decisions. This stake is primarily owned by offshore entities affiliated with the Agarwal family, including Twin Star Holdings Ltd. (approximately 40.02%) and other holding companies under Volcan Investments, which ultimately trace back to founder Anil Agarwal. The remaining shares are distributed among institutional investors (around 27%), with foreign institutional investors (FIIs) at 10.6%, domestic mutual funds and other institutions at about 16.8%, and public/retail shareholders holding roughly 16-17%.
Shareholder CategoryPercentage (Sep 2025)
Promoters56.38%
Foreign Institutional Investors (FIIs)10.6%
Domestic Institutional Investors (DIIs)16.8%
Public and Others16.14%
Employee Trusts0.13%
All promoter pledges on shares were fully released by June 2025, reducing prior encumbrances that had reached 100% in earlier periods. However, on February 17, 2026, Vedanta Resources disclosed a $350 million encumbrance on 56.38% of Vedanta Limited's equity shares under a facility agreement executed on January 30, 2026. This reintroduces certain risks associated with debt financing. Promoter holding has remained stable over the past year but declined by 13.3% over the preceding three years amid group-level restructurings and capital raises. The promoter group's influence manifests through majority ownership and dominance of the board, enabling decisive strategic oversight. Anil Agarwal, as non-executive chairman and founder, directs key initiatives, including a $5 billion debt reduction at the group level since 2020 and a "3D" expansion plan announced in July 2025 aimed at doubling Vedanta's size via demergers, diversification, and . This control has facilitated in operations but also drawn scrutiny from investors over related-party transactions and debt management, though promoters maintain operational without direct interference typical in state-influenced sectors. Vedanta Limited's consolidated revenue grew modestly from ₹141,793 in FY 2023-24 to ₹150,725 in FY 2024-25, representing a 6% year-over-year increase attributable to higher production volumes in and segments amid stable prices. EBITDA expanded more robustly from ₹36,455 in FY 2023-24 (3% YoY growth) to ₹43,541 in FY 2024-25 (19% YoY growth), with the margin improving to 34% from approximately 25.7%, driven by cost optimization, higher realizations, and operational leverage. Net profit after tax surged to ₹17,928 crore in FY 2024-25, a 170.7% increase from ₹6,624 crore in FY 2023-24, reflecting reduced exceptional losses, improved segment profitability, and effective debt management. This trend of accelerating profitability continued into Q1 FY 2025-26 (ended June 30, 2025), where EBITDA reached a record ₹10,746 crore, up 2% YoY, supported by strong aluminium and zinc performances despite seasonal factors.
Fiscal YearRevenue (₹ crore)EBITDA (₹ crore)Net Profit (₹ crore)
FY 2023-24141,79336,4556,624
FY 2024-25150,72543,54117,928
These improvements underscore Vedanta's focus on volume growth and margin enhancement, though vulnerability to global metal price volatility persists as a in sustaining trends.

Debt Management and Capital Raising

Vedanta Limited's gross debt stood at ₹73,853 crore as of 31 March 2025, up ₹2,094 crore from the prior year, while net debt was ₹53,251 crore, equivalent to $6.2 billion, following a of approximately $500 million in the fourth quarter of 2025. This resulted in a net to EBITDA ratio of 1.2x, an improvement from 1.5x in March 2024 and 1.4x in December 2024, driven by enhanced cash flows from operations and cost optimization measures that yielded an EBITDA gain of ₹1,331 . Debt management strategies emphasized proactive liability restructuring and refinancing to extend maturities and reduce costs, aligning with broader group efforts where the parent Vedanta Resources lowered overall debt by $4 billion over three years ending 2025. In fiscal year 2026, the company refinanced portions of its debt portfolio, achieving a 130 basis points year-on-year decline in average borrowing costs to 9.2%, facilitated by operational efficiencies and selective repayments of higher-yield obligations. For capital raising, Vedanta issued non-convertible debentures totaling ₹5,000 in mid-2025, with the launched in June featuring a base size of ₹4,100 and a option to support , servicing, and needs. These instruments, predominantly in rupees (comprising about 82% of the portfolio), helped maintain while prioritizing lower-cost domestic over external borrowings. Complementary measures included group-level stake divestments, such as a $500 million sale in April 2025, which generated proceeds for repayment and growth investments without diluting core operations.

Dividend Policies and Shareholder Returns

Vedanta Limited's dividend distribution policy, formalized in May 2015 and compliant with the , and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, emphasizes equitable distribution of profits while retaining sufficient funds for growth, debt reduction, and operational needs. The policy evaluates dividends based on parameters including current and projected earnings, cash flows, requirements, debt covenants, and overall financial health, without committing to a fixed payout . It prioritizes interim dividends to reflect operational cash generation, particularly from commodities like , aluminum, and oil & gas, aligning payouts with quarterly performance rather than annual finals. The company has maintained a track record of frequent interim dividends, with multiple payouts per since FY 2020-21, totaling over ₹30 per share annually in recent periods despite volatile commodity cycles. For FY 2024-25, declared four interim dividends aggregating ₹43.50 per share: ₹11.00 (June 2024), ₹4.00 (August 2024), ₹20.00 (September 2024), and ₹8.50 (January 2025), resulting in a of 9.3% based on average share prices. In FY 2023-24, payouts included ₹18.50 (June 2023) and ₹11.00 (January 2024), contributing to a yield of %. Earlier years showed variability: FY 2020-21 dividends approximated ₹1.44 (adjusted for splits), rising sharply post-pandemic amid metal price recoveries. Dividend payout ratios have frequently exceeded 100% of net profits in recent fiscal years—for instance, 106.47% in FY 2024-25—indicating reliance on free cash flows and asset monetization rather than pure earnings coverage, which raises questions about long-term sustainability amid high debt levels. This aggressive stance has positioned Vedanta among India's highest-yielding stocks, with FY 2024-25 free cash flow payout at 80.6%, but it contrasts with subdued total shareholder returns driven by flat stock performance. Shareholder returns have centered on dividends, with no share buybacks executed by Vedanta Limited since at least FY 2020; a 2021 buyback attempt by parent Vedanta Resources Limited received only 58% subscription and did not involve the Indian directly. The supports value unlocking through demergers and inorganic opportunities, but dividends remain the primary mechanism, yielding 6-9% annually from FY 2023-25 amid efforts to deleverage.

Governance and Sustainability

Board Composition and Executive Roles

The of Vedanta Limited consists of eight members as of October 2025, comprising promoter-affiliated directors, an , and independent directors, reflecting a structure designed to balance family influence with external oversight in line with Indian norms under the , and SEBI regulations. Promoter directors include Anil Agarwal, serving as Non-Executive Chairman since the company's , providing strategic vision rooted in his founding role; Navin Agarwal as Executive Vice Chairman, overseeing operational and growth strategies across and metals segments; and Priya Agarwal Hebbar as , contributing to family-led decision-making on long-term investments. Arun Misra holds the position of , with responsibilities extending to leadership in the zinc business, leveraging over three decades of experience in metals and operations. The independent directors, numbering five, include Dindayal Jalan, a finance expert with prior roles at ; P.K. Mukherjee, former Chairman of with expertise in and heavy industries; R. Gopalan (appointed as Additional Independent Director on January 31, 2025, replacing Padmini Sekhsaria), a retired IAS with experience; and Pallavi Joshi Bakhru, an investment professional focused on and . These independents serve on key committees such as and , ensuring compliance and , though promoter influence remains dominant given the Agarwal family's control over approximately 65% of voting shares via .
Director NameRoleKey Background
Anil AgarwalNon-Executive ChairmanFounder of Vedanta Group; strategic oversight.
Navin AgarwalExecutive Vice ChairmanOperational leadership in diversified metals.
Priya Agarwal HebbarNon-Executive DirectorFamily promoter; investment focus.
Arun MisraExecutive DirectorZinc business CEO; metals operations expert.
Dindayal JalanIndependent DirectorBanking and finance veteran.
P.K. MukherjeeIndependent DirectorFormer SAIL Chairman; steel industry specialist.
R. GopalanIndependent DirectorRetired IAS; governance and policy advisor (appointed Jan 2025).
Pallavi Joshi BakhruIndependent DirectorPrivate equity and infrastructure investor.
Executive roles at Vedanta Limited are decentralized across business units, with no single group CEO following Sunil Duggal's superannuation on July 31, 2023; instead, the Executive Vice Chairman and business heads drive day-to-day operations. Ajay Goel serves as , managing treasury, capital allocation, and amid the company's high leverage profile. Business-specific executives include Rajiv Kumar as CEO of (appointed March 2025), overseeing smelting and power-integrated operations; Puneet Khurana as CEO of and Nicomet; and Navin Jaju as CEO of Sesa iron ore unit, each reporting functionally to the board while aligning with group-wide and initiatives. This structure supports Vedanta's strategy but has drawn scrutiny for concentrated promoter control in executive appointments.

Environmental Compliance and Initiatives

Vedanta Limited implements the Vedanta Sustainability Assurance Process (VSAP), an internal tool designed to evaluate compliance with its Sustainability Framework across all business units, including environmental standards. This process involves regular audits and risk assessments to align operations with regulatory requirements and corporate policies. The company submits six-monthly reports on environmental clearance compliance to regulatory bodies, as mandated for projects like its 1.8 million tonnes per annum aluminum smelter and 1,215 MW captive power plant, covering periods such as October 2023 to March 2024. In its FY2024 Sustainability Report, Vedanta detailed environmental performance metrics, including water management, waste recycling, and emissions tracking, under the theme of building lasting impacts. Key initiatives include a four-lever decarbonization targeting a 20% reduction in GHG emissions intensity by 2025 from a 2012 baseline, supported by over 350 environmental projects and generation of 2.61 billion units of as of July 2025. Subsidiaries like Vedanta Aluminium apply the UN Environment Programme's Integrated Assessment Tool (IBAT) for site screening and habitat restoration, with community-driven efforts to enhance and aquatic ecosystems announced in May 2025. Vedanta Power promotes a "Zero Harm Culture" through programs like Suraksha Sankalp, emphasizing fly ash reuse and utilization to minimize ecological footprints, as highlighted in operational updates from 2025. The 2025 Climate Action Report outlines progress in these areas, including third-party verified metrics on emissions and measures. Despite these efforts, Vedanta's environmental compliance has been subject to regulatory scrutiny, with instances of fines for issues like fly ash handling in totaling ₹71.16 crore in April 2025.

CSR Programs and Community Engagement

Vedanta Limited allocates resources to (CSR) initiatives as mandated under the Indian , which requires spending at least 2% of average net profits over the preceding three financial years on specified activities. In FY 2023-24, the company reported expending ₹438 on CSR programs, benefiting 17.4 million individuals directly and indirectly, with 13 million women and children specifically reached through targeted interventions. These efforts emphasize in operational vicinities, including regions in states like , , and , focusing on , healthcare, , enhancement, and women to foster sustainable livelihoods. A of Vedanta's CSR is the Nand Ghar project, launched under the Anil Agarwal Foundation to upgrade rural centers into multifunctional hubs providing early childhood education, nutrition, healthcare screenings via mobile units, and women's skill training. As of recent updates, over 9,000 Nand Ghars operate across 15 states, serving more than 320,000 children aged 0-6 and 260,000 women with services like e-learning, fortified meals, and support, achieving 100% access to clean water and in these centers. The initiative aligns with national programs such as Poshan Abhiyaan, targeting malnutrition reduction, and includes partnerships like an MOU with the government for 25,000 additional centers to ultimately impact 70 million children and 20 million women nationwide. Additional programs address skill development and livelihood enhancement, with Vedanta reporting the upskilling of over 75,000 in vocational, agricultural, and sports training during FY 2022, accumulating to 170,000 beneficiaries since FY 2016. The Sakhi initiative empowers women through groups focused on economic independence, while projects include constructing roads, bridges, systems, and facilities in operational areas to improve access and resilience. The Anil Agarwal Foundation, underpinning many efforts, has committed ₹5,000 over five years to healthcare, via The Animal Care Organization (), and oncology treatment through facilities like the BALCO Medical Centre, which handled 285,858 outpatient visits and 56,987 sessions cumulatively. Community engagement occurs through structured stakeholder interactions, including regular village meetings, feedback mechanisms, and consultative programs with local governments and residents near sites. Initiatives like Panchhi, launched in FY 2024, support higher education and job placement for young women in host communities, integrating them into Vedanta's workforce. Long-term goals include empowering 2.5 million families and uplifting 100 million women and children by FY 2030, with programs designed to break cycles of via sustainable, community-led models.

Sustainability Metrics and Third-Party Assurances

Vedanta Limited reports its sustainability metrics in annual sustainability reports aligned with (GRI) standards, focusing on environmental, social, and governance (ESG) performance across its metals and mining operations. In FY2025 (ended March 31, 2025), absolute Scope 1 and 2 (GHG) emissions totaled 67 million metric tons of CO2 equivalent (tCO2e), reflecting an 11% increase from the FY2021 baseline, primarily due to production expansions in energy-intensive segments like . GHG emissions intensity improved to 6.44 tCO2e per metric ton of metal produced, a 6.83% reduction from the baseline, driven by efficiency measures and integration. The company targets a 25% absolute GHG reduction by 2030 from FY2021 and net-zero emissions by 2050, with US$0.17 billion allocated toward net-zero initiatives against a planned US$5 billion. Water management metrics show a net water positivity of 0.63 in FY2025, below the >1 target for FY2030, with total consumption at 199 million kiloliters (kL) and a 3% reduction in freshwater use from the FY2021 baseline. reached 35%, exceeding the 33% target, with positivity achieved in five of its businesses. Safety performance included a lost time injury frequency rate () of 0.52 per million man-hours and total recordable injury frequency rate (TRIFR) of 1.32, alongside seven fatalities (one employee, six contractors), against a zero-fatality goal. Energy consumption stood at 673 million gigajoules (GJ), with 299 megawatts (MW) of renewable capacity secured toward a 500 MW FY2025 target and 2.5 gigawatts (GW) by 2030. Waste utilization hit 96%, with fly ash reuse at 114% of generation.
Key FY2025 MetricsValueTarget/Progress
GHG Intensity (Scope 1+2)6.44 tCO2e/mt metal6.83% reduction from FY2021 baseline; 25% absolute cut by 2030
Water Positivity Ratio0.63>1 by 2030; achieved in 5 businesses
0.5210% YoY reduction goal
Waste Utilization96%100% target
Renewable Energy Secured299 MW500 MW by FY2025; 2.5 GW by 2030
Third-party assurances enhance the credibility of these metrics, with S.R. Batliboi & Co. LLP providing limited assurance on select key performance indicators (KPIs) in the FY2025 report, including energy, emissions, and water data, in accordance with and GRI requirements. In FY2024, Mazars Advisory LLP delivered limited assurance on core ESG indicators such as GHG emissions and water withdrawal, plus reasonable assurance on Business Responsibility and Sustainability Reporting (BRSR) essentials, verifying compliance with regulatory standards. Additional certifications include Aluminium Stewardship Initiative (ASI) audits for Vedanta's aluminium operations, conducted by CETIZION Verifica, confirming adherence to performance and chain-of-custody standards as of 2023-2024. These external validations, while limited in scope, address potential self-reporting biases in corporate ESG disclosures, though full reasonable assurance across all metrics remains absent.

Controversies and Responses

Regulatory Violations and SEBI Proceedings

In 2021, the Securities and Exchange Board of India (SEBI) issued an administrative warning to Vedanta Limited for executing related-party transactions totaling ₹1,407 during the financial year 2020-21 without prior approval from the , contravening Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transactions involved guarantees and loans to group entities, which SEBI deemed serious non-compliance, though no monetary penalty was imposed at the time; Vedanta was directed to strengthen internal controls to prevent recurrence. On 30 June 2023, SEBI levied a ₹30 penalty on for disclosure lapses related to its 14 February 2022 announcement of plans to enter the business through a . The regulator found that the company disseminated unverified material price-sensitive information to exchanges without and hosted incorrect details on its website, violating Regulations 30(6)(ii) and 46(2)(n) of the SEBI (LODR) s, 2015, as well as principles of disclosure under Regulation 4(2)(f)(i). paid the fine without contesting it, as confirmed in its regulatory filings. In a separate proceeding, SEBI in early 2024 prohibited ten former and current directors of Vedanta, including those serving during 2016-17, from accessing the securities market for two years over approval of a ₹5,000 crore preferential allotment to parent entity Vedanta Resources Plc without prior shareholder approval, breaching Regulations 23(1), 23(2), and 23(4) of SEBI (LODR). The order alleged the issuance disguised related-party funding as equity without disclosure, potentially misleading investors; Vedanta appealed to the Securities Appellate Tribunal (SAT), arguing procedural lapses by SEBI and that the transaction complied with extant rules at the time. SAT proceedings remain ongoing as of late 2025. Regarding the 2011 buyback of shares in subsidiary (subsequently merged into ), SEBI imposed penalties totaling ₹5.25 in 2022 for alleged manipulative practices and non-disclosure of material information during the open offer process. SAT set aside the penalties on 5 2023, ruling that SEBI lacked sufficient evidence of intent to manipulate and that disclosures met regulatory standards; the declined SEBI's stay request on 29 November 2024 while issuing notice, upholding SAT's decision pending final adjudication. In August 2025, SEBI issued another administrative warning to for unauthorized modifications to its scheme after receiving a no-objection certificate, violating SEBI (Issue of Capital and Disclosure Requirements) Regulations by altering share entitlement ratios and entity structures without fresh approvals. The regulator cautioned that repeated such infractions could trigger enforcement proceedings under the SEBI Act, 1992, amid broader scrutiny of the company's restructuring plans; maintained the changes were clarificatory and not substantive. Additionally, in July 2025, SEBI received a formal complaint from short-seller alleging promoter misconduct in fund flows and disclosures across entities, prompting an ongoing investigation, though no violations have been adjudicated.

Environmental Protests and Plant Closures

The smelter in , , operated by Vedanta's subsidiary , faced sustained environmental protests from local residents since the 1990s over allegations of air and , including high emissions and contamination linked to respiratory illnesses and crop damage. Protests intensified in early 2018 following the company's application to expand capacity from 400,000 to 800,000 tonnes annually, prompting fears of worsened pollution; demonstrations drew up to 100,000 participants by May 22, 2018, when police fired on crowds marching toward the plant, resulting in 13 deaths and over 100 injuries. On May 28, 2018, the government ordered the plant's permanent closure and sealing, citing repeated environmental violations documented in prior (NGT) orders, including a 2013 directive for upgrades after fines exceeding 1 billion rupees for pollution breaches. The shutdown idled the facility, which produced 36% of India's refined and employed around 4,000 workers directly, alongside ancillary jobs, though protesters prioritized health risks over economic impacts. contested the order, securing partial NGT restarts for auxiliary units in 2018, but state authorities blocked operations, and the and upheld the full closure in subsequent rulings, including a 2024 rejection of Vedanta's review petition. On February 11, 2026, Vedanta challenged the Tamil Nadu Pollution Control Board's rejection of its 'Green Copper' proposal for the closed Thoothukudi Sterlite plant in the Madras High Court, seeking the formation of an expert committee for review. In parallel, Vedanta's mining leases in were suspended by a February 2018 order halting all 88 mines in the state due to and illegal extraction uncovered in a 2012 public interest litigation, though mass protests were less prominent than regulatory enforcement. The court mandated cessation by March 15, 2018, pending new environmental clearances, affecting Vedanta's output of approximately 3 million tonnes annually and leading to workforce redeployments or layoffs for about 2,000 employees. No full operational resumption occurred for Vedanta in by 2025, amid ongoing disputes over lease renewals and environmental compliance.

Tribal and Land Rights Disputes

Vedanta Limited, through its subsidiary Aluminium, has faced significant opposition from tribal communities in over proposed bauxite mining projects that threaten ancestral lands and sacred sites. The most prominent dispute centers on the Hills, home to the Dongria Kondh, a Particularly Vulnerable Tribal Group (PVTG) numbering around 8,000 people who rely on the forested hills for their livelihoods, cultural practices, and water sources. Vedanta sought to mine approximately 660 hectares of reserves in the area starting in the early 2000s, but local tribes protested, arguing that the project would destroy their habitat, pollute streams, and violate religious sites dedicated to their deity Niyam Raja. In April 2013, India's ruled that the 12 affected gram sabhas (village assemblies) under the Panchayats (Extension to Scheduled Areas) Act, 1996 (PESA), held the authority to determine whether the mining project aligned with tribal rights to . By August 2013, all 12 gram sabhas unanimously rejected Vedanta's proposal, leading to the project's cancellation and marking a rare enforcement of the Forest Rights Act, 2006, in favor of indigenous communities. Prior to this, a Ministry of Environment and Forests investigation found Vedanta in violation of the , and Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, citing inadequate rehabilitation plans and failure to secure community consent. Disputes persist in other Odisha regions, such as the Sijimali bauxite block in and Kalahandi districts, where emerged as a bidder in 2023 for an estimated 100-200 million tonnes of reserves. Tribal groups, including , have protested land acquisition, alleging coercion, lack of PESA compliance, and threats to biodiversity-rich forests covering over 1,000 square kilometers. In September 2023, tribal rights organizations demonstrated against leasing forestland to and for similar mining, claiming violations of community consent under the Fifth Schedule of the . As recently as September 2025, a project in was halted following allegations of forged signatures on consent forms and fabricated gram sabha records by villagers, prompting regulatory scrutiny under tribal protection laws. Vedanta has maintained that its operations prioritize and community benefits, including job creation and infrastructure, but critics, including international NGOs, argue that the company's pursuit of leases often bypasses genuine consultation, exacerbating displacement risks for over 10,000 tribal residents in affected areas. These conflicts highlight tensions between India's mineral resource ambitions—aiming for 500 million tonnes of production by 2030—and protections for scheduled tribes under constitutional safeguards, with no major project approvals granted in to date despite ongoing auctions. Vedanta Limited has consistently denied allegations of environmental harm at its smelter in , , asserting full compliance with control norms and rejecting claims of impacts on local communities as unsubstantiated by independent audits. The company highlighted investments exceeding ₹1,000 in effluent treatment and emission control systems since 1997, positioning the facility as a zero-liquid discharge operation that contributed significantly to India's production self-sufficiency. In response to 2018 protests culminating in 13 deaths, Vedanta attributed unrest to campaigns and emphasized its economic contributions, including direct for over 4,000 workers and indirect jobs for thousands more in ancillary sectors. Regarding tribal land disputes in Odisha's Niyamgiri hills, Vedanta argued that its proposals included robust programs, such as schools, hospitals, and opportunities for local Dongria Kondh tribes, while claiming adherence to Forest Rights Act consultations. The company refuted accusations of coercion in gram sabha votes, maintaining that rejections in 2013 stemmed from external NGO influences rather than genuine consensus, and proposed alternative sites to minimize ecological disruption. On regulatory scrutiny, including SEBI investigations into disclosures and related-party transactions worth ₹1,407 , Vedanta defended its actions as transparent and compliant with approval frameworks, attributing delays to procedural clarifications rather than malfeasance. Against short-seller Research's 2025 claims of a "Ponzi-like" structure and failures, the company dismissed the report as speculative and motivated by short-selling profits, citing audited financials showing operational cash flows sufficient to service obligations. Legally, the on February 29, 2024, dismissed Vedanta's appeal to reopen the Sterlite plant, upholding government's closure orders citing repeated violations of emission standards and failure to implement remedial measures post-2018 directives. In the case, the in April 2013 mandated gram sabha consents, leading to 12 villages rejecting in August 2013; subsequent petitions for reconvening sabhas were denied in May 2016, effectively barring operations. SEBI issued warnings in 2025 for demerger scheme alterations and transaction disclosures but imposed no penalties by October, while the in October 2025 refused a PIL probing allegations, citing lack of evidence. In July 2025, the Union government temporarily halted forest clearance for a related project amid tribal rights claims, pending further verification. Economic analyses reveal mixed impacts from these disputes. The Sterlite closure resulted in annual revenue losses exceeding ₹6,000 for Vedanta and for 4,000 direct workers plus 10,000 indirect jobs, disrupting local supply chains and reducing Tamil Nadu's copper output by 40%, which increased import dependency and forex outflows. Niyamgiri's stalled development forfeited potential alumina refinery output of 1.5 million tonnes annually, valued at over ₹10,000 in exports, while depriving of royalties and tribal welfare funds estimated at ₹1,000 over a . Broader Vedanta operations, however, generated an induced economic impact of ₹3.74 lakh (2.2% of India's GDP) as of 2019, through jobs, taxes, and supplier linkages, underscoring a where regulatory halts prioritized environmental claims over verifiable fiscal contributions amid disputed data. Viceroy's critique posits group-wide sustainability risks amplifying controversy costs, projecting without , though Vedanta's refuted counterarguments highlight resilient EBITDA margins above 30% in core metals segments.

Achievements and Strategic Directions

Operational and Innovation Awards

Vedanta Limited and its subsidiaries, including Vedanta Aluminium and BALCO, have garnered recognition from industry bodies for advancements in , particularly in , , and processes. In fiscal year 2024, Vedanta Limited received the National Energy Award from the (CII) for contributions to across its operations. Similarly, Vedanta Aluminium's Jharsuguda facility earned the CII National Energy Award for implementing measures that enhanced energy efficiency in . BALCO was awarded a Platinum certificate at the Apex India Safety Awards for superior protocols, reflecting robust operational risk management. Subsidiary units have also been honored for process optimizations. Vedanta Aluminium's Lanjigarh refinery secured the Best ESG Initiative award in Environment, Health, and Safety Operational Excellence from the Council of Enviro Excellence, highlighting integrated operational practices that reduced environmental impact while maintaining productivity. In September 2025, the same refinery received CII's Energy Efficient Unit designation under the 26th National Award for Excellence in Energy Management, while the Jharsuguda smelter was recognized with the CII SHE (Safety, Health, and Environment) Award for exemplary standards in operational safety. Additionally, Lanjigarh earned Par Excellence, Excellence, and Distinguished awards at the 11th National Conclave on 5S Practices in 2025, underscoring disciplined operational methodologies that improved workplace organization and efficiency. In the realm of innovation, Vedanta entities have been acknowledged for process and technological improvements. BALCO received the Integrated Manufacturing Excellence Initiative Award in 2023 from industry evaluators, citing innovative enhancements in production workflows. Vedanta Aluminium's Jharsuguda operations won a Platinum Award at the 31st Chapter Convention on Quality Concepts by CII, rewarding innovative quality control mechanisms in aluminium production. BALCO further obtained International Safety Awards from the British Safety Council in 2025 for pioneering safety innovations in its facilities. These recognitions, primarily from engineering and industry associations like CII, emphasize measurable gains in operational metrics such as energy savings and safety incident reductions, though company disclosures form the basis for many details.

Global Expansion and Partnerships

Vedanta Limited, as part of the group, operates international assets in , , , , and other regions, with a focus on base metals, , and critical minerals extraction. In , the company resumed control of (KCM) in August 2024 following a settlement with the government, investing over $400 million by July 2025, including an initial $124 million tranche completed ahead of schedule to restart operations and modernize facilities. Vedanta pledged a total of $1 billion for KCM expansion, encompassing smelter upgrades, new tailings for improved copper recovery, and increased cobalt output, while exploring a U.S. IPO to fund these initiatives. To support KCM's growth, Vedanta partnered with South Africa's RMB in May 2025 for up to $1 billion in debt financing and engaged engineering firm Worley in July 2025 for technical support in mine development and capacity expansion. In , Vedanta Copper International signed a strategic agreement on November 26, 2024, with the Ministry of Investment and Ministry of Industry and Mineral Resources to invest $2 billion in smelting and projects, aligning with the kingdom's economic diversification goals. Amid broader ambitions, Vedanta announced in April 2025 a pursuit of a global strategic partner to co-develop $20 billion in expansion projects across metals, , hydrocarbons, and power sectors, with expressions of interest from international firms by May 2025. The company has also targeted overseas acquisitions and alliances for critical minerals, including potential ventures in , to enhance its global .

Demerger Strategy and Recent Restructuring Efforts

In September 2023, Vedanta Limited announced a comprehensive strategy aimed at separating its diversified operations into independent, pure-play listed entities to enhance operational focus, attract sector-specific investments, and unlock shareholder value. The plan targeted the creation of standalone companies for key verticals including , oil and gas, power, and residual metals businesses, while retaining base metals such as and silver under the parent entity following a revision in December 2024. This forms part of Vedanta's broader "3D" framework—, diversification, and —intended to streamline capital allocation, reduce , and drive production growth toward a 10x increase with a 13% . The demerger scheme received overwhelming approvals from stakeholders, including 99.99% of shareholders, 99.59% of secured creditors, and 99.95% of unsecured creditors during meetings convened under (NCLT) oversight in early 2025. However, regulatory hurdles have delayed implementation, with the NCLT Mumbai bench postponing hearings multiple times due to objections from the Ministry of Petroleum and Natural Gas regarding oil and gas asset transfers, as well as evaluations of the revised scheme. The latest deferral set the next hearing for October 29, 2025, amid ongoing reviews. In response to these delays, Vedanta extended the demerger timeline from September 2025 to March 31, 2026, prioritizing a smooth transition, , and minimal disruption to operations. Company leadership, including Chairman Anil Agarwal, has emphasized the strategy's potential to position the resulting entities as $100 billion-plus global players through focused expansion and deleveraging efforts, such as refinancing high-interest debt and pursuing mergers like the proposed reverse merger with . As of January 2026, Vedanta's CFO stated that the demerger is intended to become effective from April 1, 2026, with the five demerged units targeted for listing by mid-May 2026. In February 2026, Vedanta submitted an expression of interest, among 22 entities, to acquire Gupta Power Infrastructure under insolvency proceedings with admitted claims of ₹4,240 crore, potentially strengthening its power segment ahead of the demerger. As of February 2026, the process remains pending final NCLT and governmental approvals, with Vedanta maintaining operational continuity across its metals, energy, and power segments.

References

  1. https://www.vedantalimited.com/eng/businesses-overview.php
  2. https://www.forbes.com/companies/vedanta-limited/
  3. https://startuptalky.com/vedanta-success-story/
  4. https://www.vedantalimited.com/eng/who-we-are-overview.php
  5. https://www.bajajbroking.in/blog/vedanta-limited-overview
  6. https://ibef.org/industry/metals-and-mining/showcase/vedanta-ltd
  7. https://www.equitymaster.com/research-it/annual-results-analysis/SESA/VEDANTA-2024-25-Annual-Report-Analysis/12265
  8. https://www.vedantalimited.com/public/uploads/11429/VEDL_PressRelease_Q4FY25_30April2025.pdf
  9. https://www.thehindu.com/business/Industry/vedanta-group-slapped-with-environmental-fine-of-7116-crore-for-unauthorised-dumping-of-fly-ash-in-odisha/article68501591.ece
  10. https://www.reuters.com/sustainability/vedanta-ran-lobbying-campaign-weaken-environmental-regulations-during-covid-2023-08-31/
  11. https://www.theguardian.com/business/2010/sep/06/vedanta-human-rights-issues-india
  12. https://www.occrp.org/en/investigation/inside-indian-energy-and-mining-giant-vedantas-campaign-to-weaken-key-environmental-regulations
  13. https://moneylife.in/article/vedantas-esg-facade-viceroy-research-alleges-pattern-of-environmental-abuse-and-social-harm/78480.html
  14. https://inspirepreneurmagazine.com/anil-agarwal-from-scrap-dealer-to-global-mining-mogul/
  15. https://www.vedantalimited.com/eng/who-we-are-founders-journey.php
  16. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/vedanta-how-an-old-age-biz-is-trying-to-deliver-a-new-age-baby/articleshow/110115882.cms
  17. https://mabumbe.com/people/anil-agarwals-net-worth-achievements-and-life-story/
  18. https://www.goodreturns.in/company/vedanta/history.html
  19. https://www.equentis.com/blog/vedanta-ltd-share-fundamental-analysis/
  20. https://www.angelone.in/news/share-market/vedanta-corporate-history-strategic-demerger-into-six-entities
  21. https://www.vedantalimited.com/uploads/investor-overview/annual-report/Annual-Report-2015.pdf
  22. https://www.vedantalimited.com/uploads/stock-exchange-announcements/2024-25/VEDL-Shareholding-Pattern-20-July-2024.pdf
  23. https://finance.yahoo.com/news/vedanta-nsei-vedl-reports-118-010652360.html
  24. https://www.indiaratings.co.in/Uploads/Others/Consolidated%2520Subs/Vedanta%2520Subsidiary.pdf
  25. https://www.vedantalimited.com/eng/media-board-of-directors.php
  26. https://www.vedantalimited.com/eng/who-we-are-leadership.php
  27. https://www.vedantalimited.com/eng/investor-relations-corporate-governance.php
  28. https://economictimes.indiatimes.com/vedanta-ltd/infocompanymanagement/companyid-13111.cms
  29. https://www.business-standard.com/companies/news/vedanta-seeks-global-partner-for-20-bn-expansion-across-key-segments-125040800304_1.html
  30. https://www.financialexpress.com/life/lifestyle-anil-agarwal-take-a-look-at-the-business-journey-of-bihars-richest-person-know-about-his-net-worth-family-and-more-3046137/
  31. https://indiaspora.org/philanthropy-leader/anil-agarwal/
  32. https://www.financialexpress.com/life/lifestyle-meet-bihars-richest-man-with-rs-35000-cr-net-worth-now-lives-in-uk-had-9-failed-ventures-4021125/
  33. https://www.thehindu.com/news/national/tamil-nadu/explained-a-history-of-the-sterlite-copper-plant-in-thoothukudi/article65570342.ece
  34. https://www.sec.gov/Archives/edgar/data/1370431/000095012309021596/u00259e20vf.htm
  35. https://www.finowings.com/Finance/vedanta-journey
  36. https://sesagoaironore.com/about-sesa/history-milestone/
  37. https://www.reuters.com/article/world/vedanta-merges-sterlite-industries-and-sesa-goa-idUSDEE81O01N/
  38. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/vedanta-set-to-merge-sterlite-sesa-goa-to-cut-debt/articleshow/12036602.cms
  39. https://www.vedantalimited.com/uploads/stock-exchange-announcements/2013-14/ALL-SHARE-MERGER-OF-SESA-GOA-AND-STERLITE-INDUSTRIES-BECOMES-EFFECTIVE.pdf
  40. https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03042013/Sesa_Goa_Ltd_030413.pdf
  41. https://news.yahoo.com/indias-competition-watchdog-oks-merger-095330529.html
  42. https://stocksandsecurities.adityabirlacapital.com/markets/company-background/502
  43. https://www.vedantalimited.com/uploads/stock-exchange-announcements/2011-12/Sterlite-Industries-All-share-merger-of-Sesa-Goa-and-Sterlite-Industries-and-Vedanta-Group-Consolidation-2.pdf
  44. https://www.moneycontrol.com/news/business/companies/-1597135.html
  45. https://www.moneycontrol.com/news/business/markets/vedantas-merger-demerger-merry-go-round-11467461.html
  46. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/vedantas-merger-of-sesa-goa-sterlite-to-create-usd-20-bn-entity/articleshow/12035294.cms
  47. https://www.companieshistory.com/vedanta-resources/
  48. https://www.business-standard.com/companies/news/vedanta-plans-to-invest-13-226-crore-to-ramp-up-aluminium-capacity-125100500127_1.html
  49. https://www.vedantaresources.com/uploads/investors-presentation/sesa-sterlite-investor-presentation-dec-2013-v16-for-website.pdf
  50. https://www.bloomberg.com/news/articles/2025-04-22/vedanta-s-agarwal-bets-on-mining-reboot-amid-debt-overhaul-saudi-push
  51. https://www.sec.gov/Archives/edgar/data/1370431/000119312512083093/d307175dex991.htm
  52. https://timesofindia.indiatimes.com/business/india-business/sesa-goa-sterlite-merger-becomes-effective/articleshow/21884322.cms
  53. https://mnacritique.mergersindia.com/vedanta-cairn-merger-gain-consolidation/
  54. https://www.vedantalimited.com/public/uploads/12160/merger-vedltd-and-cairn-presentation.pdf
  55. https://www.vedantalimited.com/public/uploads/12046/2016-07-22-cairn-vedanta-merger-press-release-final-india.pdf
  56. https://www.vedantalimited.com/public/uploads/11865/vedanta-cairn-merger-effective-april-11-2017.pdf
  57. https://m.economictimes.com/markets/stocks/news/vedanta-completes-cairn-india-merger-heres-whats-in-store-for-shareholders/articleshow/58140352.cms
  58. https://www.prnewswire.com/news-releases/vedanta--cairn-merger-effective-300437992.html
  59. https://www.prnewswire.com/news-releases/vedanta-limited-acquisition-of-electrosteel-steels-limited-300667436.html
  60. https://www.livemint.com/Companies/5RF6t6QdFt9yPNO28U0iUO/Vedanta-pays-Rs5320-crore-for-Electrosteel-acquisition.html
  61. https://www.vedantalimited.com/uploads/investor-sec-filings/Vedanta-Limited-s-Resolution-Plan-for-acquisition-of-Electrosteel-Steels-Limited-approved-by-National-Company-Law-Tribunal.pdf
  62. https://www.sec.gov/Archives/edgar/data/1370431/000119312518120265/d561458dex991.htm
  63. https://www.vedantalimited.com/eng/businesses-zinc-lead-silver.php
  64. https://www.vedantalimited.com/uploads/shareholder-information/site-visit/12.06.2024_Site_Visit_Hindustan_Zinc.pdf
  65. https://www.vedantalimited.com/vedantaFY25/zinc-india.html
  66. https://www.business-standard.com/companies/news/hindustan-zinc-to-invest-up-to-2-bn-to-double-production-capacity-ceo-124102700125_1.html
  67. https://www.vedantalimited.com/vedantaFY25/zinc-international.html
  68. https://discoveryalert.com.au/news/gamsberg-phase-2-expansion-project-2025-south-africa/
  69. https://www.reuters.com/markets/deals/india-opposes-hindustan-zincs-298-bln-deal-vedanta-zinc-assets-2023-02-20/
  70. https://www.bloomberg.com/news/articles/2023-01-19/vedanta-to-sell-overseas-zinc-business-to-india-unit-for-2-98-billion
  71. https://vedantaaluminium.com/about-us/our-operations/
  72. https://www.balcoindia.com/
  73. https://vedantaaluminium.com/media/press-releases/list/vedanta-aluminium-charts-path-to-join-the-global-1-million-tonne-billet-producers-club/
  74. https://www.alcircle.com/news/vedanta-s-13-226-crore-aluminium-ramp-up-plan-115734
  75. https://www.linkedin.com/posts/vedanta-limited-aluminium-business_balco-aluminium-vedantaaluminium-activity-7383742397081481217-1HWu
  76. https://vedantaaluminium.com/media/press-releases/list/vedanta-aluminium-geared-to-meet-surging-demand-for-aluminium-wire-rods-amid-indias-5g-infrastructure-boom/
  77. https://www.gem.wiki/BALCO_Korba_power_station
  78. https://www.vedantalimited.com/eng/businesses-power.php
  79. https://iccad.info/vedanta-aluminium-announces-long-term-sourcing-of-380-mw-renewable-power/
  80. https://www.eqmagpro.com/vedanta-aluminium-accelerates-shift-to-renewables-deploys-biomass-for-power-generation-eq/
  81. https://www.vedantalimited.com/eng/businesses-oil-gas.php
  82. https://www.vedantaresources.com/uploads/investor-overview/financial-results/VRL_OFR_H1FY2025.pdf
  83. https://viceroyresearch.org/wp-content/uploads/2025/09/Vedanta-%25E2%2580%2593-Oil-Gas-Segment-Analysis.pdf
  84. https://www.vedantalimited.com/eng/businesses-ferro-chrome.php
  85. https://www.facorgroup.in/
  86. https://www.bigmint.co/intel/detail/india-vedanta-facors-ferro-chrome-output-drops-28-y-o-y-in-q2fy26-34649
  87. https://www.argusmedia.com/en/news-and-insights/latest-market-news/2597373-india-s-facor-cleared-for-odisha-ferro-chrome-expansion
  88. https://www.business-standard.com/companies/news/vedanta-odisha-investment-jobs-plants-ferro-alloy-aluminium-plant-125102301339_1.html
  89. https://cfloworld.com/solutions/case-studies/vedanta-facor/
  90. https://www.vedantalimited.com/eng/businesses-iron-ore.php
  91. https://sesagoaironore.com/
  92. https://timesofindia.indiatimes.com/city/goa/to-collect-accurate-royalty-govt-to-evaluate-iron-ore-grade-through-third-party/articleshow/124770125.cms
  93. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/vedanta-declared-as-preferred-bidder-for-iron-ore-mining-in-karnataka/articleshow/122856886.cms
  94. https://www.eslsteel.com/
  95. https://www.vedantalimited.com/eng/businesses-steel.php
  96. https://www.aist.org/india%25E2%2580%2599s-vedanta-to-double-capacity-at-esl-steel
  97. https://energy.economictimes.indiatimes.com/news/oil-and-gas/vedanta-posts-decline-in-production-of-saleable-steel-oil-and-gas-refined-metal-in-q1/122233120
  98. https://m.economictimes.com/industry/indl-goods/svs/steel/vedanta-incorporates-sesa-iron-steel-in-goa/articleshow/103444080.cms
  99. https://www.sterlitecopper.com/operations/refining/
  100. https://www.vedantalimited.com/public/uploads/12020/international-copper-conference-vedanta-limited-sterlite-copper.pdf
  101. https://www.vedantalimited.com/eng/businesses-copper.php
  102. https://www.vedantalimited.com/uploads/investors-presentation/vedl-corporate-presentation-december-2023.pdf
  103. https://www.vedantalimited.com/eng/copper-and-nickel-the-backbone-of-the-energy-transition.php
  104. https://www.deccanherald.com/india/tamil-nadu/sterlite-copper-to-shift-machinery-from-defunct-thoothukudi-plant-activists-raise-doubts-3446563
  105. https://www.thehindu.com/news/cities/Madurai/sterlite-copper-completes-major-clearance-fresh-approval-needed-for-remaining-work/article69691433.ece
  106. https://www.thehindu.com/news/cities/Madurai/sterlite-copper-moves-defunct-machineries-from-its-thoothukudi-plant/article69334259.ece
  107. https://www.bloomberg.com/news/articles/2024-11-26/vedanta-plans-to-invest-2-billion-in-saudi-copper-projects
  108. https://www.moneycontrol.com/india/stockpricequote/miningminerals/vedanta/SG
  109. https://www.nseindia.com/get-quotes/equity?symbol=VEDL
  110. https://www.marketsmojo.com/news/stocks-in-action/who-are-the-top-shareholders-of-the-vedanta-3264036
  111. https://trendlyne.com/equity/share-holding/1289/VEDL/latest/vedanta-ltd/
  112. https://blinkx.in/insights/share-holding/vedanta-ltd-share-holding-pattern
  113. https://www.psuconnect.in/corporate-news/vedanta-resources-discloses-350m-encumbrance-on-vedanta-limited-shares
  114. https://www.screener.in/company/VEDL/consolidated/
  115. https://www.forbes.com/profile/anil-agarwal/
  116. https://timesofindia.indiatimes.com/city/jaipur/anil-agarwal-unveils-3d-plan-to-double-vedanta-size/articleshow/122387402.cms
  117. https://www.vedantalimited.com/vedantaFY24/
  118. https://www.vedantalimited.com/uploads/investor-overview/annual-report/2025/2_Integrated_Report_and_Annual_Accounts_2025.pdf
  119. https://trendlyne.com/fundamentals/annual-results/1289/VEDL/vedanta-ltd/
  120. https://www.tickertape.in/stocks/vedanta-VDAN
  121. https://www.businesswire.com/news/home/20250805910244/en/Vedantas-Q1-Adjusted-Profit-Surges-10-to-%2524584-Million
  122. https://www.vedantalimited.com/vedantaFY25/finance-review.html
  123. https://www.vedantalimited.com/eng/committed-to-creating-an-unparalleled-and-sustainable-shareholder-value.php
  124. https://www.vedantalimited.com/public/uploads/16099/vedanta-limited-q1fy26-earnings-media-release-profit-surges-13-to-5-000-crores-on-the-back-of-record-production-and-low-cost.pdf
  125. https://upstox.com/news/market-news/stocks/vedanta-launches-bond-issue-for-raising-4-100-crore/article-171542/
  126. https://www.vedantalimited.com/public/uploads/16126/The-Hindu-Business-Line_2nd-August.pdf
  127. https://www.indiratrade.com/blog/vedantas-500-million-stake-sale-a-strategic-move-to-manage-debt-and-fuel-growth/9368
  128. https://www.vedantalimited.com/uploads/corporate-governance/policies_practices/vedl-dividend-policy-may-15-final-eng.pdf
  129. https://www.vedantalimited.com/eng/investor-relations-shareholder-information.php
  130. https://www.dividend.com/stocks/materials/metals-mining/base-metals/vedl-vedanta-limited/
  131. https://finance.yahoo.com/quote/VEDL.NS/key-statistics/
  132. https://simplywall.st/stocks/in/materials/nse-vedl/vedanta-shares/dividend
  133. https://economictimes.indiatimes.com/markets/stocks/news/vedanta-coal-india-among-top-10-stocks-in-fy-25-with-highest-dividend-yields/slideshow/124271767.cms
  134. https://dividendstocks.cash/dividend-profile/Vedanta-Dividend
  135. https://www.thehindubusinessline.com/markets/stock-markets/vedanta-buyback-offer-gets-cold-shoulder-from-shareholders/article34266193.ece
  136. https://m.economictimes.com/markets/stocks/news/vedantas-investor-dilemma-dividend-king-pauper-returns-time-to-buy-or-say-bye/articleshow/122242757.cms
  137. https://boardstewardship.com/vedanta-appoints-rajarangamani-gopalan-as-independent-director-replacing-padmini-sekhsaria/
  138. https://www.marketscreener.com/quote/stock/VEDANTA-LIMITED-37569657/news/Vedanta-Limited-Announces-Superannuation-of-Mr-Sunil-Duggal-as-CEO-Effective-July-31-2023-44392015/
  139. https://hr.economictimes.indiatimes.com/news/industry/vedanta-board-approves-appointment-of-rajiv-kumar-as-ceo-of-aluminium-biz/119568673
  140. https://www.vedantalimited.com/Vedanta2021/sustainability-esg.html
  141. https://www.vedantalimited.com/vedantaFY22/our-esg-strategy.html
  142. https://d1rbiogke1jwo5.cloudfront.net/wp-content/uploads/2024/06/Six-Monthly-EC-Compliance-Report-18-LTPA-Aluminium-Smelter-1215-MW-CPP_Oct23-to-Mar24.pdf
  143. https://www.vedantalimited.com/uploads/investor-overview/annual-report/2025/4_Sustainability_Report_2025.pdf
  144. https://www.vedantalimited.com/uploads/esg/esg-sustainability-framework/Sustainability-Report-FY2024.pdf
  145. https://www.vedantaresources.com/esg-overview.php
  146. https://www.vedantalimited.com/eng/a-greener-legacy-in-the-making.php
  147. https://vedantaaluminium.com/sustainability/environment-climate-change-management/
  148. https://vedantaaluminium.com/media/press-releases/list/on-biodiversity-day-vedanta-aluminium-announces-multiple-initiatives-to-protect-wildlife-and-restore-habitats-across-its-operations/
  149. https://www.instagram.com/reel/DQGb3-fE9s2/
  150. https://www.vedantalimited.com/uploads/investor-overview/annual-report/2025/5_Climate_Action_Report_2025.pdf
  151. https://www.manufacturingtodayindia.com/vedanta-fined-for-fly-ash-issue
  152. https://www.vedantalimited.com/vedantaFY24/highlights-fy-2023-24.html
  153. https://www.vedantalimited.com/eng/esg_community_development.php
  154. https://www.vedantalimited.com/eng/social_impact_aaf.php
  155. https://www.vedantaresources.com/social_impact_nand_ghar.php
  156. https://vedantaaluminium.com/sustainability/social-impact/building-community-infrastructure/
  157. https://www.vedantalimited.com/vedantaFY23/stakeholder-engagement.html
  158. https://www.vedantalimited.com/vedantaFY24/stakeholder-engagement.html
  159. https://aluminium-stewardship.org/asi-certifies-vedanta-limited-aluminium-business-against-performance-standard
  160. https://timesofindia.indiatimes.com/sebi-warns-vedanta-over-related-party-transactions/articleshow/87391224.cms
  161. https://m.economictimes.com/markets/stocks/news/sebi-fines-vedanta-rs-30-lakh-for-breaching-disclosure-norms/articleshow/101400059.cms
  162. https://www.business-standard.com/companies/news/sebi-imposes-rs-30-lakh-penalty-on-vedanta-ltd-for-incorrect-disclosures-123063000990_1.html
  163. https://www.moneycontrol.com/news/business/explainer-why-has-vedanta-moved-sat-against-sebi-12478351.html
  164. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/supreme-court-refuses-stay-on-sat-order-in-cairn-india-buyback-case/articleshow/115814742.cms
  165. https://www.business-standard.com/companies/news/vedanta-demerger-delayed-centre-objects-sebi-warning-125082001118_1.html
  166. https://viceroyresearch.org/2025/08/14/vedanta-our-complaint-to-the-securities-and-exchange-board-of-india/
  167. https://www.bbc.com/news/world-asia-india-44286233
  168. https://www.theguardian.com/world/2018/may/28/india-copper-plant-sterlite-vedanta-shut-down-deadly-protests
  169. https://www.reuters.com/article/business/deadly-protests-land-a-blow-to-indian-resources-magnate-agarwals-ambitions-idUSKCN1IO2IK/
  170. https://www.business-humanrights.org/en/latest-news/india-activists-question-neutrality-of-ngt-committees-conclusion-that-closure-of-sterlitevedanta-plant-was-illegal/
  171. https://www.thehindu.com/news/national/tamil-nadu/closure-of-sterlite-copper-unit-in-tamil-nadu-supreme-court-to-consider-hearing-vedantas-plea/article67697947.ece
  172. https://www.thehindu.com/news/national/tamil-nadu/tnpcb-rejects-vedantas-green-copper-proposal-at-thoothukudi-sterlite-plant-company-moves-madras-high-court/article70618254.ece
  173. https://www.prnewswire.com/news-releases/vedanta-limited-closure-of-mining-leases-in-the-state-of-goa-300595765.html
  174. https://www.mining.com/web/vedanta-mulls-options-indian-iron-ore-workers-shutdown-sources/
  175. https://timesofindia.indiatimes.com/city/goa/congress-criticises-bjp-for-allowing-mining-defaulters-to-operate-in-goa/articleshow/119021840.cms
  176. https://www.survivalinternational.org/tribes/dongria
  177. https://climate-diplomacy.org/case-studies/mining-conflict-niyamgiri-hills-india
  178. https://www.amnesty.org/en/latest/news/2013/04/india-landmark-supreme-court-ruling-great-victory-indigenous-rights/
  179. https://www.theguardian.com/global-development/poverty-matters/2014/jan/14/india-rejection-vedanta-mine-victory-tribal-rights
  180. https://www.bbc.com/news/world-south-asia-11067678
  181. https://www.business-humanrights.org/en/latest-news/india-the-struggle-of-tribals-to-protect-their-land-from-bauxite-mine/
  182. https://www.telegraphindia.com/india/odisha-tribal-groups-protest-against-lease-of-forestland-to-vedanta-adani-for-bauxite-mining/cid/1967240
  183. https://theprobe.in/eco-guardians/vedanta-project-in-odisha-halted-over-tribal-rights-violation-claims-9780004
  184. https://www.oecdwatch.org/wp-content/uploads/sites/8/2017/05/Tribal-claims-against-the-Vedanta-Bauxite-Mine-in-Niyamgiri-India.pdf
  185. https://www.ritimo.org/Claiming-Niyamgiri-the-Dongria-Kondh-s-Struggle-against-Vedanta
  186. https://www.vedantalimited.com/public/uploads/11771/FAQs-on-Sterlite-Copper-Updated-17th-Sept-2018.pdf
  187. https://www.reuters.com/article/business/environment/avatar-tribe-poses-second-challenge-to-vedanta-after-deadly-india-protests-idUSKBN1J9056/
  188. https://www.business-humanrights.org/documents/5378/Vedanta_.pdf
  189. https://www.taxtmi.com/news?id=24622
  190. https://timesofindia.indiatimes.com/business/india-business/us-short-seller-calls-vedanta-financial-unsustainable-group-refutes-allegations-as-baseless/articleshow/122342214.cms
  191. https://www.moneylife.in/article/singapore-police-reviewing-viceroy-claim-against-indias-vedanta-company-rejects-allegations-as-baseless-reuters/78330.html
  192. https://webapi.sci.gov.in/supremecourt/2020/18030/18030_2020_1_1_50971_Judgement_29-Feb-2024.pdf
  193. https://www.reuters.com/world/india/india-top-court-rejects-vedantas-plea-reopen-sterlite-coppers-smelting-unit-2024-02-29/
  194. https://lawbeat.in/top-stories/supreme-court-refuses-to-entertain-plea-against-vedanta-over-viceroy-report-1533964
  195. https://vedantacases.com/how-did-the-vedanta-supreme-court-verdict-affect-the-economy/
  196. https://competitiveness.in/vedantas-induced-impact-estimated-at-inr-3-74-lakh-crore-or-2-2-of-indias-gdp-institute-for-competitiveness/
  197. https://www.moneylife.in/article/viceroy-on-vedanta-forensic-bombshell-meets-deafening-regulatory-silence/77684.html
  198. https://www.vedantalimited.com/vedantaFY24/awards.html
  199. https://vedantaaluminium.com/media/press-releases/list/vedanta-aluminium-wins-multiple-cii-awards-for-energy-efficiency-safety-and-sustainability/
  200. https://vedantaaluminium.com/about-us/awards-recognitions/
  201. https://minedocs.com/29/Vedanta-FREV-2025.pdf
  202. https://copperbeltkatangamining.com/vedanta-completes-initial-124-million-investment-in-kcm-ahead-of-schedule/
  203. https://www.bloomberg.com/news/articles/2025-05-02/vedanta-weighs-zambia-copper-ipo-to-fund-1-billion-invesment
  204. https://globalflowcontrol.com/newsroom/vedanta-taps-worley-for-1b-zambia-copper-cobalt-push/
  205. https://discoveryalert.com.au/news/copper-financing-rmb-vedanta-expansion-2025/
  206. https://vedantanews.com/vedanta-zambia-ropes-in-worley-to-support-its-expansion-plans/
  207. https://www.vedantalimited.com/public/uploads/11473/FINAL-Press_Release_KSA-Nov26_2024.pdf
  208. https://www.arabnews.com/node/2580807/business-economy
  209. https://www.reuters.com/markets/commodities/indian-conglomerate-vedanta-seeks-global-partner-20-billion-expansion-plan-2025-04-02/
  210. https://m.economictimes.com/industry/indl-goods/svs/metals-mining/vedanta-seeks-global-partner-to-implement-usd-20-billion-expansion/articleshow/120083840.cms
  211. https://www.eqmagpro.com/global-firms-evince-interest-to-implement-vedantas-20-bn-expansion-projects-eq/
  212. https://www.thehindubusinessline.com/companies/vedanta-eyes-global-and-domestic-acquisitions-strategic-partnerships-to-bolster-critical-minerals-portfolio/article69614404.ece
  213. https://chemindigest.com/vedanta-sets-sights-on-domestic-and-global-critical-minerals-growth/
  214. https://vedantaaluminium.com/media/press-releases/list/vedanta-announces-demerger-of-diversified-businesses-unlocking-significant-value/
  215. https://www.ndtvprofit.com/business/nclt-defers-hearing-timeline-of-vedanta-demerger
  216. https://www.vedantalimited.com/uploads/investors-presentation/Vedanta-Limited-Reorganisation-Announcement.pdf
  217. https://manufacturing.economictimes.indiatimes.com/news/industry/demerger-diversification-deleveraging-vedanta-charts-3d-path-to-expansion/122377826
  218. https://www.taxtmi.com/news?id=34627
  219. https://www.business-standard.com/companies/news/nclt-once-again-postpones-vedanta-demerger-hearing-to-29-october-125100801328_1.html
  220. https://www.angelone.in/news/market-updates/vedanta-demerger-nclt-delays-hearing-again-sets-new-date-and-reviews-revised-scheme
  221. https://www.alcircle.com/news/vedanta-pushes-demerger-to-march-2026-as-it-waits-for-approvals-115738
  222. https://www.ndtvprofit.com/business/vedanta-demerger-anil-agarwal-100-billion-new-entities
  223. https://www.reuters.com/business/energy/vedanta-ltd-cfo-targets-mid-may-india-listings-demerged-units-2026-01-30/
  224. https://m.economictimes.com/industry/energy/power/jindal-power-vedanta-and-havells-among-22-bidders-for-gupta-power/articleshow/128435596.cms
  225. https://www.livemint.com/companies/news/vedanta-extends-deadline-for-demerger-to-march-next-year-11759596450475.html
Add your contribution
Related Hubs
User Avatar
No comments yet.