Latest Vedanta Resources Stories

Sterlite Industries (India) Limited ("SIIL" or the "Company") (NYSE:SLT) today announced its results for the second quarter ("Q2") and Half year ("H1") ended 30 September 2008. Highlights -- Attributable PAT up 18% at Rs. 1,277 crore -- Highest mined zinc production in any quarter -- Refined zinc production at 122,000 tonnes, an increase of 30% over the corresponding prior quarter -- Significant reduction in unit production costs in Zinc and Copper businesses, despite...

ASARCO LLC announced today that it is terminating its contract with Sterlite (USA), Inc., for the sale of its operating assets. ASARCO also announced that it will draw on the $50 million letter of credit posted by Sterlite when it signed the purchase contract on May 30, 2008. "We are taking this action in light of Sterlite's disclosure to us last week that it 'cannot and will not' close the sale unless ASARCO agrees to a price reduction," stated Joseph F. Lapinsky, President and Chief...

ASARCO LLC attorneys announced today at a status conference with the U.S. Bankruptcy Court in Corpus Christi, TX that the Company's plan sponsor, Sterlite (USA), Inc., has stated that it cannot and will not close the sale transaction under the parties' existing purchase and sale agreement without a reduction in the $2.6 billion purchase price that it contracted to pay for ASARCO's operating assets. Sterlite told ASARCO that recent world economic events affecting credit markets have...

Sterlite Technologies, a provider of wire and cable solutions for the telecom and power industries, has received contracts for its fiber-optic cables for deployment by telecom incumbents in sub-Saharan Africa for the expansion of their telecom backbone infrastructures. The contracts are worth a total of $5.2 million and supplies would be executed in fiscal year 2008-09. Sterlite said that it has a firm market share of about 14% for bare overhead power conductors and a growing market share of...

Researched by Industrial Info Resources (Sugar Land, Texas) -- Vedanta Resources plc (LSE:VED) (London) announced a group restructuring plan in early September in response to shareholders requesting elimination of conflicts of interest and a simplification of the corporate structure. However, in view of the current changes in the global financial market and feedback from its investors, the company has deferred the restructuring plan to a time when market conditions are more favorable. Vedanta...

Researched by Industrial Info Resources (Sugar Land, Texas) -- Vedanta Resources plc (LON:VED) (London) recently announced plans for an eight-fold increase in the iron ore production capacity of its Indian subsidiary Sesa Goa Limited (BOM:500295) (Panaji, Goa) to 100 million tons per year over the next five years. Vedanta will make initial investments of about $700 million in Sesa Goa to attain production of 25 million tons per year by 2010. Vedanta currently holds a 57% equity interest in...

Sterlite Industries (India) Limited ("Sterlite") announced that its parent company, Vedanta Resources Plc ("Vedanta" or the "Group") today announced a restructuring to simplify the Group corporate structure into three commodity focused verticals: Copper and Zinc-Lead; Aluminium and Energy; and Iron Ore. Consolidation of minorities and simplification of the Group structure has been a strategic priority and the proposed restructuring is an important step in this strategy. The Group believes...

Researched by Industrial Info Resources (Sugar Land, Texas) -- ABB Limited (India) (BOM:500002) (Bangalore, Karnataka), a division of power and automation technology provider ABB Limited (NYSE:ABB) (Zurich, Switzerland), has secured a $114 million contract from Vedanta Aluminum Limited (Jharsuguda, Orissa), a subsidiary of Vedanta Resources plc (LON:VED) (London), to provide power and automation products and systems for the expansion project of Vedanta's aluminum smelter plant at Jharsuguda....

By Dhananjay Mahapatra NEW DELHI: This is as big as it gets. To be precise, it is Rs 60,000 crore of foreign direct investment in Indian projects. The inflation-flogged industrial sector was cheered up on Friday by the Supreme Court, which greenlighted the start of work at the much-delayed Rs 55,000 crore steel plant by Korean chaebol Posco and the stalled Rs 5,000 crore alumina refinery by the Sterlite group - both in Orissa. The plans of Posco (India) Ltd, a subsidiary of Posco, to set...

The highest court in India has ruled that a British company may establish a bauxite mine across an area considered by tribal groups to be sacred. Siding with Vedanta Resources, the Supreme Court ruled that the company has met conditions for the project in the Niyamgiri Hills to move forward. The high court also said company must invest a percentage of its profits from the mine to help local people, The Independent reported Saturday. Still, tribal groups say they will protest the project....