MUMBAI – S&P Global Ratings has lowered the long-term issuer credit rating of Vedanta Resources and also on its outstanding debt to “CCC” from “B-”. The rating downgrade by S&P comes two days after Moody’s Investors Service slashed the conglomerate’s rating. It has also placed the ratings under CreditWatch with negative implications. “We believe the … Read more
In March, India announced a list of battery makers that would receive a coveted state subsidy. Locally manufactured cells for electric vehicles would trigger almost $6 billion in investments, build a supply chain at home, cut $30 billion in energy imports and be a “major boost” to Prime Minister Narendra Modi’s Make in India project, … Read more
Worries around debt repayments and stretched finances in billionaire Anil Agarwal’s Vedanta Resources Ltd. are on underscored by losses in some bonds of the commodity giant. The London-based company’s Indian unit Vedanta Ltd.’s semiconductor-making ambitions were dealt with a blow this week after its Taiwanese partner Hon Hai Technology Group decided to part ways on … Read more
Vedanta Group chairman Anil Agarwal on Tuesday said Vedanta Resources (VRL), holding company of the mining and metals conglomerate, is well-positioned to meet its future debt obligations, and that concerns around the group being over-leveraged are misplaced. “We are very, very comfortable,” said the 69-year-old billionaire in an interview with ET, drawing attention to the … Read more
The Centre today slashed the windfall tax on export of locally produced crude oil to Rs 9,500 per tonne from Rs 11,000 per tonne. However, windfall tax on exports of aviation fuel has been increased to Rs 5 per litre from Rs 3.50 per litre while on disel it has been hiked to Rs 13/litre … Read more
New Delhi: Vedanta Ltd on Wednesday said its board has approved an interim dividend of Rs 18.50 per equity share for FY2021-22, amounting to Rs 6,877 crore. “The board of directors of the company in its meeting held on Wednesday…have approved first interim dividend of Rs 18.50 per equity share i.e. 1850 per cent on … Read more