Vedanta Group to regain control of Zambian copper mines, to pay $250 million to creditors
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Vedanta Group: Indian industrialist and founder of Vedanta Group Anil Agarwal (Anil Aggarwal) going to do a big takeover soon. It is being told that Anil Agarwal is soon going to regain control over the copper mines of Zambia. This copper mines were confiscated by the South African government. It is being told that he has promised to pay the outstanding $ 250 million to the suppliers, along with the takeover of Vedanta Resources Limited’s Taba mines in Zambia.
The case was going on in the court since 2019
In 2019, the administration of the country’s former President Edgar Lungu closed the Konkola Copper Mines. Provisional Liquidation was kept under Regarding this, the matter reached the court. Later his successor, President Hakande Hichilema, sought to resolve the dispute amicably. Meanwhile, Anil Agarwal wanted to reduce the debt burden on his company. As such, he has promised to invest $1 billion in Konkola and more than double copper production from the operation. However, this year the production of the metal is estimated to be the lowest in Zambia in the last 14 years. Here, to promote clean energy, the demand for copper has increased a lot. In such a situation, a lot of investment is needed in it.
Money will never be a hindrance: Anil Agarwal
Billionaire Anil Agarwal said in an interview at Bloomberg’s Johannesburg office that there is a plan to pay all the creditors so that I can win the hearts of the people, money will never be an obstacle in this work. Explain that his company has outstanding bonds of about $ 2 billion. This deal is being seen as a big victory for Anil Agarwal. Whereas, it will also be of great benefit to the Zambian government if Vedanta Group is able to complete the investment of one billion dollars in five years. Zambia’s economy is dependent on metal exports up to 70 percent. Increasing the production in the mine will help in increasing the revenue in the country.
OCCRP was accused of doing business by lying
Organized Crime and Corruption Reporting Project (occrp) had made a disclosure regarding Vedanta Group on one date of this month. In this new report, it has been alleged that Vedanta, a company related to mining and oil business, lobbied wrongly to weaken important environmental regulations during the global epidemic. The non-profit organization said that the Indian government approved some changes without public consultation and they were implemented through illegal means. The report said that in one case, Vedanta exerted pressure to ensure that mining companies could produce up to 50 percent more without new environmental clearances. However, Vedanta spokesperson did not immediately comment on the matter.
Oil project approved despite protests: OCCRP
The report claimed that Vedanta’s oil business company, Cairn India, also lobbied to cancel public hearings for ‘drilling’ in oil blocks won in government auctions. Since then six controversial oil projects of Cairn have been approved in Rajasthan despite local opposition. Earlier, OCCRP had accused the Adani group of secretly investing in the shares of its own companies. The institute had alleged that millions of dollars were invested in shares of some publicly traded companies of the group through opaque Mauritius funds, which obscured the holdings of alleged business partners of the Adani family. This claim is being made by the institute on the basis of review of files from several tax havens and internal Adani Group emails. It is being claimed that two such cases have come to light in their investigation. OCCRP has made serious allegations that investors of Adani Group have bought and sold Adani stocks through offshore structures.
There was no significant impact on the stock of the company
Organized Crime and Corruption Reporting Project (occrpEven after the new report of ) has not been seen in the market, there is no significant effect on the shares of Vedanta. Till 11.45 am, the company’s stock was up 1.49 percent at Rs 235.75. The share price of the company was Rs 232.60 when the market opened today. Whereas, the shares of the company closed at Rs 232.30 on Thursday evening.
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