Vedanta Resources

Vedanta Resources Limited is a global diversified metals and mining company with its headquarters in London, United Kingdom. It is the largest mining and non-ferrous metals company in India and has mining operations in Australia and Zambia[2] and oil and gas operations in three countries. Its main products are Zinc, Lead, Silver, Oil & Gas, Iron Ore, Steel, Aluminium and Power.[2][3] It has also developed commercial power stations in India in Odisha (2,400 MW) and Punjab (1,980 MW).[4]

The company is primarily owned by the family of Anil Agarwal through Volcan Investments, a holding vehicle with a 61.7% stake in the business.[5] Vedanta limited (formerly Sesa Goa / Sterlite) is one of the many Indian subsidiaries of Vedanta resources and operates iron ore mines in Goa.[6]

Vedanta was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until Chairman, Anil Agarwal's offer to take the company private went unconditional in September 2018.

Vedanta Resources Limited
Public limited company
Traded asNSEVEDL
LSEVED
NYSEVEDL
IndustryMetals and Mining
FoundedMumbai, Maharashtra, India (1976)
FounderAnil Agarwal
HeadquartersLondon, United Kingdom
Area served
Worldwide
Key people
Anil Agarwal
(Executive Chairman)
Navin Agarwal
(Executive Vice Chairman)
Srinivasan Venkatakrishnan
(CEO)
ProductsCopper, Aluminum, Zinc, Lead, Gold, Iron ore, Pig iron, Metallurgical Coke and Oil and gas exploration, Power
RevenueUS$11,550.1 million (2017)[1]
US$2,160.6 million (2017)[1]
US$879.6 million (2017)[1]
Number of employees
25,035 (2017)[1]
SubsidiariesSterlite Industries
Hindustan Zinc Limited
Sesa Goa
Bharat Aluminium Company
BALCO
Vedanta Aluminium
Sterlite Energy
Australian Copper Mines
Konkola Copper Mines
Websitewww.vedantaresources.com

History

The company was founded in Bombay (now Mumbai) in 1976 by Anil Agarwal, as a scrap-metal dealership.[7] In 1979 he acquired the Shamsher Sterling Corporation (subsequently renamed Sterlite Industries), a manufacturer of power and control cables.[8]

The company acquired a majority stake in Balco, the Indian state aluminium business, in 2001.[9] It was first listed on the London Stock Exchange in 2003 when, as Vedanta Resources, it raised $876 million through an Initial Public Offering.[10]

In 2006 Vedanta acquired Sterlite Gold, a gold mining business,[11] and in 2007, Vedanta Resources bought a 51% stake in Sesa Goa, India's largest producer-exporter of iron ore, and the company became listed on NYSE with a $2 billion ADS issue.[12][13]

In 2008 Vedanta bought certain of the assets of Asarco, a copper mining business, out of Chapter 11 for $2.6bn.[14] and in 2010, it acquired Anglo-American's portfolio of Zinc assets in South Africa, Namibia and Ireland.[15]

In 2011, Vedanta acquired 58.5% controlling stake in Cairn India, the India's largest private sector Oil & Gas company[16][17] and in 2013, Sterlite Industries and Sesa Goa announced a merger. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite Ltd (now Vedanta Limited).[18] In June 2018, Vedanta acquired 90% stake in Electrosteel Steels, a steel producer.[19]

In September 2018 the company announced that Anil Agarwal would be taking Vedanta Resources private on 1 October 2018.[20]

Operations

Copper

Sterlite Industries (India): 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 March 23 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 where affected by cancer and other breathing disorders but the Indian government did not take any action.[21]

Konkola Copper Mines: Vedanta owns 79.4% of KCM’s share capital and have management control of the company. KCM’s other shareholder is ZCCM Investment Holdings plc. The government of Zambia has a controlling stake in ZCCM Investment Holdings plc.[22]

Copper Mines of Tasmania: CMT is headquartered in Queenstown, Tasmania. Sterlite owns 100.0% of CMT and has management control of the company.[23]

Zinc

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. Sterlite 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.[24]

Aluminium

In February 2001, Government of India in a major dis-investment deal, approved the sale of its 51% stake in BALCO to Sterlite Industries (SIL) for Rs.551.5 crores.[25] 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. Bharat Aluminium Company Ltd: 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.[26]

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.[27]

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[28] 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.[29] 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.[30]

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.[31]

Vedanta Aluminium received the prestigious 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 iconic 9th Annual India Leadership Conclave 2018 in Mumbai.[32]

Iron ore

Also see Vedanta Limited

Vedanta's iron ore mining operations in India are operated under the umbrella of Vedanta Limited, a company headquartered in Panaji, India. It has mining operations in Goa and Karnataka.[33] Originally founded as Sesa Goa, a Portuguese company, Sesa Goa was purchased by Vedanta (then known as Sterlite industries) in the 1990s. As of 30 June 2018, the company is owned 50% by the promoters (under the names of 12 members of the Agarwal family) and 50% by the public. This includes ownership by and "Westglobe limited", "Twinstar holdings", Finsider international and mutual funds (ICICI Prudential), foreign portfolio investors (17%), LIC India (6%) and Citibank New York (4%).[34]

Sterlite Energy: Sterlite Energy is headquartered in Mumbai. Sterlite owns 100.0% of Sterlite Energy and has management control of the company.[35]

Philanthropy

Maneka Sanjay Gandhi inaugurating the first ever modern Anganwadi Centre 'Nand Ghar' in PPP Model, at Sonipat, in Haryana on June 24, 2015. The Women & Child Development Minister of Haryana, Smt. Kavita Jain is also seen
File:Maneka Sanjay Gandhi inaugurating the first ever modern Anganwadi Centre 'Nand Ghar' in PPP Model, at Sonipat, in Haryana on June 24, 2015. The Women & Child Development Minister of Haryana, Smt. Kavita Jain is also seen

In 1992, Anil Agarwal created the Vedanta Foundation as the vehicle through which the group companies would carry out their philanthropic programs and activities. In the financial year 2013-14, the Vedanta group companies and the Vedanta foundation invested US$49.0 million in building hospitals, schools and infrastructure, conserving the environment and funding community programs that improve health, education and livelihood of over 4.1 million people.[36] The initiatives were undertaken in partnership with the government and non-governmental organizations (NGOs). Among his inspirations, Agarwal counts Andrew Carnegie and David Rockefeller who built public works with their fortunes, and Bill Gates. The activities funded by his philanthropy are focused on child welfare, women empowerment and education. Anil Agarwal was ranked second in Hurun India Philanthropy List 2014 for his personal donation of Rs.1,796 crore (about $36 million). He was ranked 25th in the Hurun India Rich List with a personal fortune of 12,316cr.[37][38]

In 2015, the Vedanta group in partnership with Ministry for Women and Child development inaugurated the first “Nand Ghar” or modern anganwadi, of the 4,000 planned to set up.[39] Agarwal has pledged to donate 75% of his family’s wealth to charity, saying he was inspired by Bill Gates.[40]

Criticism

Environmental damage

Vedanta has been criticised by human rights and activist groups, including Survival International, Amnesty International and Niyamgiri Surakshya Samiti because of the company's operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh people who populate this region.[41] The Niyamgiri hills are also claimed to be an important wildlife habitat in Eastern Ghats of India as per a report by the Wildlife Institute of India[42] as well as independent reports/studies carried out by civil society groups.[43] In January 2009, thousands of locals formed a human chain around the hill in protest at the plans to start bauxite mining in the area.[44] The Union Environment Ministry in August 2010 rejected earlier clearances granted to a joint venture led by the Vedanta Group company Sterlite Industries for mining bauxite from Niyamgiri hills.[45]

Vedanta's Alumina Refinery in Lanjigarh was criticised by the Orissa State Pollution Control Board (the statutory environmental regulation body) for air pollution and water pollution in the area. According to Amnesty International, local people reported dust, allegedly from the plant, settling on clothes, crops and food. Vedanta officials claimed there was no dust pollution from the plant at all.[46] An environmental inspection of the plant reported water pollution by the plant including a small increase of the pH value of the river Vamshadhara below the refinery and a high level of SPM in the stack emissions.[47]

In October 2009 it was reported that the British government has criticised Vedanta for its treatment of the Dongria Kondh tribe in Orissa, India.[48] The company refused to co-operate with the British government and with an OECD investigation. It has rejected charges of environmental damage, saying it may be related to the increased use of fertiliser by farmers.[46]

It was reported in August 2015 that villagers in Chingola, Zambia can smell and taste toxic pollution/leaks from the largest copper mine in Africa owned by KCM.[49]

Vedanta Resources was ranked as "the worst of the 12 biggest diversified miners at reducing emissions and planning for climate change", according to the Digging Deep report (CDP). [50]

Safety concerns

2007 Mining Deaths

Unsafe mining operations led to 18 deaths and 1,256 injuries involving own employees and contractors in 2007.[51]

Balco, Korba, Chhattisgarh

A chimney under construction by Gannon Dunkerley & Company at the Balco smelter in Korba, Chhattisgarh collapsed on 23 September 2009, killing at least 40 workers.[52] Balco and GDCL management have been accused of negligence in the incident.[53]

Litigation

India

In respect of bauxite mines at Lanjigarh, Orissa, public interest litigations were filed in 2004 by Indian non-government organisations led by the People's Union for Civil Liberties to the supreme court sub-committee regarding the potential environmental impact of the mines. The Ministry of Environment and Forests received reports from expert organisations and has submitted its recommendations to the supreme court. The sub-committee has found "blatant violations" of environmental regulations and grave concerns about the impact of the Niyamgiri mine on both the environment and the local tribal population. The committee recommended to the court that mining in such an ecologically sensitive area should not be permitted.[54]

Human rights

In February 2010, the Church of England decided to disinvest from the company on ethical grounds.[55]

The Director of Survival International, Stephen Corry, said, "The Church’s unprecedented and very welcome decision sends a strong signal to companies that trample on tribal peoples’ rights: we will not bankroll your abuses. Anybody that has shares in Vedanta should sell them today if they care about human rights."[56]

Vedanta responded by expressing disappointment at the church's actions, and that it is "fully committed to pursuing its investments in a responsible manner, respecting the environment and human rights".[46]

The NGO Amnesty International has also criticised the company's record on human rights.[46][57] It has said, "[I]t is clear that Vedanta Resources and its subsidiaries [...] have failed to respect the human rights of the people of Lanjigarh and the Niyamgiri Hills" adding, "The proposed bauxite mine [...] threatens the survival of a protected Indigenous community [...] However, these risks have been largely ignored and consultation with and disclosure of information to affected communities have been almost non-existent."[58]

Several shareholders sold their shares because of human rights concerns. This includes the Joseph Rowntree Charitable Trust, the Marlborough Ethical Fund, Millfield House Foundation and PGGM.[59] The Economic Times criticised the project in an editorial, stating that if the mine goes ahead it will "impoverish a defenceless populace, perhaps to extinction."[60] On July 2010, the Chief Secretary of the Indian state of Orissa ordered a new investigation into the rights of the Dongria Kondh tribe affected by Vedanta Resources' bauxite mine, in what Survival International characterised as the "...third major blow to Vedanta in a month".[61]

A four-member panel set up by the government of India in the Ministry of Environment and Forests investigated the bauxite mining proposal over Niyamgiri near Lanjigarh in the districts of Kalahandi and Rayagada in Orissa. The area has been the traditional habitat of two particularly vulnerable tribal groups, the Dongria Kondh and the Kutia Kondh. The committee submitted its report on 16 August 2010, saying "The Vedanta Company has consistently violated the Forest Conservation Act [FCA], the Forest Rights Act [FRA], the Environment Protection Act [EPA] and the Orissa Forest Act in active collusion with the State officials. ..Allowing mining ... by depriving two primitive tribal groups of their rights over the proposed mining site to benefit a private company would shake the faith of the tribal people in the laws of the land ".[62] Based on a panel report, the government of India has served a show cause notice on the company on why its Stage I environment clearance should not be cancelled.[63]

In October 2017, London's Court of Appeal ruled that nearly 2,000 Zambians can sue Vedanta in English courts over alleged pollution of their village.[64][56][46][45]

Legal violations

In July 2010, Sterlite Industries, a subsidiary of Vedanta Group, received a tax notice of about 3.24 billion (US$47 million), and was charged with violating several rules by the excise department in India.[65] Excise officials charged Sterlite Industries with misdeclaration because the company is alleged to have tried shipping out copper waste for the purpose of separating gold and silver when the waste also contained other precious metals like platinum and palladium.[66] Vendanta also owes the Income Tax Department Rs.10,247 crore as retrospective tax as of January 2014.[67]

References

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  63. ^ Panel report
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External links

Anil Agarwal (industrialist)

Anil Agarwal (born 1954) is the founder and Chairman of Vedanta Resources Limited. He controls Vedanta Resources through Volcan Investments, a holding vehicle with a 100% stake in the business.

Bharat Aluminium Company

Bharat Aluminium Company Ltd. (BALCO) is an Indian aluminium company. BALCO was incorporated in the year 1965 as a Public Sector Undertaking (PSU) and it was the Public sector until 2001, when it was taken over by Vedanta Resources, a company listed on the London Stock Exchange. The Company has been closely associated with the Indian Aluminium Industry, in a pivotal role. Mr. Vikas Sharma is the current CEO & Whole Time Director of the company.

Cairn India

Cairn India is an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. It is a subsidiary of Vedanta Resources. Cairn India is one of the largest independent oil and gas exploration and production companies in India. Cairn and its JV partners’ account for more than a fifth of India’s domestic crude oil production. It has been operating in India for more than fifteen years with a unique working culture of on average 4 days a week working. Cairn India’s producing assets are in Rajasthan, Cambay and Ravva. Cairn India has a portfolio of nine blocks, that it operates, which are located in four strategically focused areas: one in Rajasthan; two on the west coast of India; five on the east coast of India (including one in offshore Sri Lanka) and one in offshore South Africa.

The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades. The company operates a producing oil field in the Indian private sector.Cairn produces oil and gas from three blocks in India: Ravva in Andhra Pradesh, CB-OS/2 in Gujarat and RJON-90/1 in Rajasthan. In 2007, Cairn India was listed on the National Stock Exchanges and as on date has a market capitalisation of ~$14 billion and amongst the top 25 Indian company in the NIFTY 50 index. Top 250 Global Energy Company Rankings by Platts, ranked Cairn India for being the World's fastest-growing energy company in 2011. Now the Company plans to invest $3 billion in the next three years in finding more oil and raising output from Rajasthan oilfields.In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed by Saraswati in 2001. Mangala was their biggest discovery in 2003, followed by Raageshwari, Bhagyam, Aishwariya, Kaameshwari and GR-F fields in Rajasthan. In 2003, Cairn acquired 100% of the exploration interest and took over as the operator of the block.

Ravva block in eastern coast of India was the first offshore oil and gas field to be developed, followed by the Lakshmi gas field in western India, which was discovered in 2000 and commenced production in 2002. In January 2004, Cairn India added the Mangala oil field in Rajasthan to its assets and this, along with, the other discoveries in Rajasthan.

On 9 January 2007, Cairn India Limited was listed on the Bombay Stock Exchange and the National Stock Exchange of India.

Two of blocks are located onshore in the Barmer and Krishna-Godavari Basins, and the remaining seven blocks are all located offshore in the Krishna-Godavari Basin, the Palar-Pennar Basin, the Cambay Basin, and the Mumbai Offshore Basin in India, and the frontier Mannar Basin in Sri Lanka and the Orange Basin in South Africa.

Copper Mines of Tasmania

Copper Mines of Tasmania is the successor company to the Mount Lyell Mining and Railway Company that operated in Queenstown, Tasmania for just short of one hundred years.

The first form of the company existed during the time of the Mount Lyell Remediation and Research and Demonstration Program

Following the first form going into administration in 1998 the mine was then acquired in 1999 by Monte Cello BV.First it operated as a subsidiary and then acquired by Sterlite Industries (India) Limited It is now owned by Vedanta Resources.

Its mine output goes to supply the companies copper smelter in Tuticorin, India.

Production stopped at the mine in January 2014 following three deaths. Its reopening was subsequently prevented by a rockfall. As of July 2014, it was not expected to reopen for up to three years.

Hindustan Zinc

Hindustan Zinc Limited (HZL) is an integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Resources PLC. HZL is the world's second largest zinc producer. Its FY2018 revenues were Rs 22,084 crore

Khonds

Khonds (also spelt Kondha, Kandha, Khondho, etc.) are a Dravidian-speaking tribal people of India. Traditionally hunter-gatherers, they are divided into the hill-dwelling Khonds and plain-dwelling Khonds for census purposes; all the Khonds identify by their clan and usually hold large tracts of fertile land but still practice hunting, gathering and slash-and-burn agriculture in the forests as a symbol of their connection to and ownership of the forest. Khonds speak the Kui and Kuvi languages.

The Khonds are adept land-dwellers, exhibiting greater adaptability to the forest environment. However, due to development interventions in education, medical facilities, irrigation, plantation and so on, they are forced into the modern way of life in many ways. Their traditional life style, customary traits of economy, political organisation, norms, values and world view have been drastically changed over a long period.

They are a designated Scheduled Tribe in the states of Andhra Pradesh, Bihar, Chhattisgarh, Madhya Pradesh, Maharashtra, Odisha and West Bengal.

Konkola Copper Mines

Konkola Copper Mines is a copper mining and smelting company in Zambia. It is a subsidiary of Vedanta Resources, a mining conglomerate based in Mumbai and London. Konkola's name is abbreviated to KCM.

Lanjigarh Airstrip

Lanjigarh Airstrip (IATA: IN 0093) is a private/public airstrip owned by Vedanta Resources located at Lanjigarh in the Kalahandi district of Odisha. Nearest airport/airstrip to this airstrip is Utkela Airstrip in Kalahandi, Odisha.

List of Indian entrepreneurs

This is a list of notable Indian entrepreneurs.

Lungowe v Vedanta Resources plc

Lungowe v Vedanta Resources plc [2019] UKSC 20 is an English tort law case, concerning business liability for human rights violations and environmental damage.

Mahendra Mehta

Mahendra Singh Mehta (born 9 December 1955) is an Indian businessman. He is the chief executive of Vedanta Resources plc, a British multinational diversified metals and mining company.

Niyamgiri

The Niyamgiri is a hill range situated in the districts of Kalahandi and Rayagada in the south-west of Odisha, India. These hills are home to Dongria Kondh indigenous people. The hills have one of India's most pristine forests in the interior. It is bound by Karlapat Wildlife Sanctuary on the north-west side and Kotgarh Wildlife Sanctuary on the north-east end.The Environment and Forest ministry of Government of India scrapped a forest clearance given to a mining firm, Vedanta Resources, to mine bauxite in the area and the mining project was scrapped. In 2013, the Supreme Court of India asked the tribal people to take the decision, in which BMP was rejected in all village council meetings.

Pantnagar

Pantnagar is a town and a university campus in Udham Singh Nagar district, Uttarakhand. Nainital, Kashipur, Rudrapur and Kiccha, Haldwani are the major cities surrounding Pantnagar.

The town is home to the first agricultural university of India which was established on 17 November 1960. Previously the university was called the Uttar Pradesh Agricultural University or Pantnagar University. It was rechristened G. B. Pant University of Agriculture and Technology. keeping in view the contributions of Pt. Govind Ballabh Pant, the then Chief Minister of UP.

In recent years, an integrated industrial estate has been established near the campus which houses companies such as Tata motor, Bajaj, Britannia, HP, HCL, Voltas, Schneider Electric, Nestle, Dabur, Vedanta Resources etc., as a part of SIDCUL industrial area developed by government owned State Industrial Development Corporation of Uttarakhand Limited.

Skorpion Zinc

Skorpion Zinc is a zinc mine in the ǁKaras Region of southern Namibia, producing Special High Grade (SHG) zinc. The mine is situated near Rosh Pinah and opened in 2001. It is the eighth-largest zinc mine in the world, and the largest employer of Rosh Pinah, providing 1,900 jobs.Skorpion is a unique mine in several ways. Firstly, it is a supergene zinc ore body composed of alluvial accumulations of zinc carbonate and silicate minerals of detrital nature deposited within a palaeochannel. There are no other currently commercially viable deposits of this type. It is also one of the few mines in the world which mines "zinc oxides", which actually is a mixture of non sulphidic zinc minerals such as smithsonite, hydrozincite, tarbuttite and willemite. Finally, it is the only zinc processing facility to use solvent extraction-electrowinning metallurgy to process and refine its zinc products (others using conventional smelting and roasting).

The Skorpion SX-EW plant creates Special High Grade, ultra-pure zinc cathode as a primary product, which is so low in impurities that it commands a price premium.

Since November 2010 it is owned and operated by Vedanta Resources.

Sterlite Copper

Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.

Sterlite Energy

Sterlite Energy Limited (SEL) is an energy company focused on development and operation of power plants in India. SEL is a subsidiary of Vedanta Resources PLC.

Tom Albanese

Tom Albanese to step down as Vedanta CEO in August 2017Tom Albanese (born (1957-09-09)September 9, 1957) was the former chief executive officer of the Vedanta Resources and was the former chief executive officer and a board member of the Rio Tinto Group. He was asked to resign from Rio Tinto on 17 January 2013 and was replaced by Sam Walsh.

Vedanta Jharsuguda Captive Power Plant

Vedanta Jharsuguda Power Station is a coal based thermal captive power plant located near Jharsuguda town in Jharsuguda district in the Indian state of Odisha. The power plant is operated by the Vedanta Resources. It supplies power to aluminum smelter of Vedanta Resources.

The coal for the plant is sourced from Ib Valley Coalfield. Water is sourced from reservoir of Hirakud Dam. The Engineering, procurement and construction contract is given to SEPCO3 of People's Republic of China.

Vedanta Limited

Vedanta Limited, formerly known as Sesa Sterlite/Sesa Goa Limited, is a mining company based in India, with its main operations in iron ore, Zinc and Aluminium mines in Goa, Karnataka, Rajasthan and Odisha. It is 50% owned by Vedanta Resources (a UK based company controlled by the Anil Agarwal family) and 50% owned by other entities including the public, mutual funds and foreign investors.

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