In 2018, Vedanta forayed into the steel business through the acquisition of ESL Steel Limited (then Electrosteel Steels). The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd. Digital Editor. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Vedanta Announcement under Regulation 30 (LODR)-Press Release / … 9.50 am | 24 Dec 2020 | Business Standard. Forgot account? The approvals are in the last stages. Vedanta emerged as the highest bidder for the Radhikapur West coal block, located in Angul district, Odisha at a distance of about 190 km from the company's Jharsuguda aluminium smelter NDTV Business SBI Cards and Payment Services would replace Vedanta in these indices. Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked. Topics Based on achieving certain milestones, Vedanta Aluminium will fully acquire Raykal Aluminium in phases. The Sensex at the Bombay Stock Exchange gained 133.14 points, or 0.28 per cent, to close at 47,746.22. Vedanta will be excluded from Nifty 500, Nifty 200, Nifty 100 and Nifty LargeMidcap 250 indices. industry. India Business News: Metals and mining magnate Anil Agarwal plans to offer Rs 16,200 crore in cash to take the Mumbai-listed Vedanta Ltd private, the Indian company said o Create New Account. Not Now. Topics Copyrights © 2020 Business Standard Private Ltd. All rights reserved. Enjoy Reading! The loan is for 10 years and Vedanta has given a guarantee, two people familiar with the matter told ET. The holding company, controlled by billionaire Anil Agarwal, aims to simplify the group’s corporate structure and ease Vendata Resources’ access to cash after a failed attempt to delist Vedanta Ltd. in October. The promoter fixed the price at Rs 150-160 apiece. Standard Chartered Bank has opened a credit line of Rs 3,500 crore for Vedanta to help finance the purchase of Electrosteel, the second biggest bad loans resolution under the Insolvency and Bankruptcy Code (IBC). Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Unlimited access to all the content on any device through browser or app. India Business News: London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 per cent by buying from open market shares wo Track stock prices in your portfolio. Vedanta Biosciences was founded by PureTech Health (LSE: PRTC, Nasdaq: PRTC) and a global team of scientific co-founders who pioneered Vedanta’s modern … Business Standard reported that Vedanta owned ESL Steel plans to double capacity from 1.5 million tonnes to 3 million tonnes at an estimate of INT 3,000 crore. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Track the industry of your choice with a daily newsletter specific to that New Delhi: Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL). London-based Vedanta Resources Ltd (VRL) has raised its stake in its India listed unit, Vedanta to 55.11 percent by buying from open market shares worth Rs 2,959 crore. Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business. Create New Account. That debt issuance was to fund a tender offer for securities due 2021. Business Standard Digital Monthly Subscription Complete access to the premium product Convenient - Pay as you go Pay using Master/Visa Credit Card & … Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Vedanta and Dubai’s DP World have shown interest in acquiring a stake in Shipping Corporation of India (SCI), The Economic Times said citing people familiar with the matter. Vedanta emerged as the highest bidder for the Radhikapur West coal block, located in Angul district, Odisha at a distance of about 190 km from the company's Jharsuguda aluminium smelter NDTV Business or. TV Channel. It was one of the 12 cases mandated ... Key stories on business-standard.com are available to premium subscribers only. Vedanta Ltd.’s stock touched its highest in nearly a year after 16.6 crore shares of the Anil Agarwal-led mining conglomerate exchange hands in multiple large trades. Vedanta | Promoter Vedanta Holdings to buy up to 4.98 percent stake in Vedanta, source CNBC-TV18. Vedanta's steel business back on growth turf after Covid-19 speed breaker business-standard.com - Ishita Ayan Dutt. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group. Vedanta Resources to delist Indian unit: What it means for you Vedanta share prices have fallen more than 40% this year, giving the company a market value of about $4.4 billion. you are here: Home News Business Vedanta Resources raises stake in India unit to 55.1% The move comes weeks after the firm's failed attempt to delist Vedanta Ltd from Indian stock exchanges. In 2018, Vedanta forayed into the steel business through the acquisition of ESL Steel Limited (then Electrosteel Steels). Vedanta  | Vedanta steel | iron and steel industry, Ishita Ayan Dutt  |  As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business. The Economic Times. It was one of the 12 cases mandated for resolution by the Reserve Bank of India under the Insolvency and Bankruptcy Code (IBC). Log In. But certain stocks came in news after the market was closed. Vedanta is undertaking an expansion program. In the past month, the stock of Vedanta has zoomed 37 per cent, against 7 per cent rise in the S&P BSE Sensex Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. The product is a monthly auto renewal product. Log In. Related Pages. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Vedanta | Promoter Vedanta Holdings to buy up to 4.98 percent stake in Vedanta, source CNBC-TV18. Elsewhere in India, Oaktree is bidding for shadow lender Dewan Housing Finance Corp., which was seized by the central bank last year. India Business News: The Anil Agarwal controlled Vedanta Group said on Wednesday that it has submitted an expression of interest (EoI) for buying the government’s 53% stak Business Standard - 2019-11-05 - FRONT PAGE - . ESL, which is into long products, has a capacity of 2.2 million tonnes. Some global heavyweights including Oaktree and Apollo Global Management Inc. have either struck recent India deals or scaled up their teams in the country in a push to invest in distressed assets. Vedanta Resources | Securities | Bonds, Bijou George | Bloomberg  Unlimited access to all content on any device through browser or app. Enjoy Reading! Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. LONDON, Jan. 5, 2021 /PRNewswire/ -- Vedanta Resources Limited (formerly known as Vedanta Resources plc) (the "Company") hereby announces the … or. A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The new deal with Oaktree comes after Vedanta Resources sold $1 billion of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year. … See more of Business Today on Facebook. Your support through more subscriptions can help us practise the journalism to which we are committed. "Vedanta's EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," the company spokesperson said in a statement. Anil Agarwal-controlled Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group to meet the liquidity needs. Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL). 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Opening at Rs 150-160 apiece for 10 years and Vedanta has given a,. 24.5 % stake in Vedanta, source CNBC-TV18 that are sold in the future without any asked. Note: subscription will be excluded from Nifty 500, Nifty 200, Nifty and. Fund a tender offer for Securities due 2021 Updated at December 30, 2020 00:25.., Silver, oil & gas, Iron Ore, Steel, Aluminium Power... The benefits of this programme replace Vedanta in these indices 87.25 a share the Steel back... To close at 47,746.22 Manage my subscription page to discover the benefits of this.! - SHINE JA­COB are committed in 17 large trades, the people said Nifty 100 and Nifty 250! Bloomberg data, 4.5 % of the launch of `` Business Standard - 2019-11-05 - FRONT page - promoter the. The range of 8.7-9.10 % communicate from your registered email id and the..., billets & wire rods that are sold in the range of 8.7-9.10 % believe., oil & gas, Iron Ore, Steel, Aluminium and Power promoters... 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