DirectorsDear Shareholders,
The Directors of your Company are pleased to present the 36th Annual Report, with thestatement of the audited accounts for the financial year that ended on 31 March 2011.
Financial Performance Summary
The following table gives the financial highlights of your Company on a standalonebasis according to the Indian Generally Accepted Accounting Principles (GAAP).
(Rs. in Crore)
| Year ended on March 31 | 2011 | 2010 |
| Gross Turnover | 16,253.88 | 13,676.47 |
| Earnings before interest, tax depreciation and amortisation | 2,304.39 | 1,635.22 |
| Less: Interest | 277.46 | 263.25 |
| Gross profit | 2,026.93 | 1,371.97 |
| Less: depreciation and amortisation | 152.65 | 150.64 |
| Exceptional items | - | 273.53 |
| Profit before tax | 1,874.28 | 947.80 |
| Taxation | 454.57 | 116.30 |
| Net Profit for the year | 1,419.71 | 831.50 |
| Add: balance brought forward from the previous year | 2,590.98 | 2,683.41 |
| Amount available for appropriation | 4,010.69 | 3,514.91 |
| Appropriation: | | |
| General reserve | 500.00 | 500.00 |
| Debenture redemption reserve | (8.50) | 2.90 |
| Additional Dividend on ADS issued in July 2009 (paid in September 2009) | - | 53.54 |
| Proposed dividend on equity shares (including dividend distribution tax thereon) | 429.71 | 367.49 |
| Balance carried forward to next year | 3,089.48 | 2,590.98 |
Financial performance
During the year under review, the gross turnover of your Company increased by 18.85%from Rs. 13,676.47 Crore to Rs. 16,253.88 Crore. The increase in turnover by 18.85% wasprimarily due to the increase in the average Copper LME prices from US$ 6,112 / MT to US$8,138 / MT.
TC / RC (Treatment Charges and Refining Charges) realisation in the financial year 2011was 11.90 USc / lb, as compared to the 13.54 USc / lb in the previous year due tosuppressed spot TC / RCs market.
The earnings before interest, tax depreciation and amortisation for the same periodincreased by 40.92% from Rs. 1,635.22 Crore to Rs. 2,304.39 Crore and the Net Profitincreased by 70.74% from Rs. 831.50 Crore to Rs. 1,419.71 Crore in the current year.
Operational Performance
The year under review was very challenging due to lower TC / RC and higher input costs,thereby reducing the product margin. Sulphuric acid and phosphoric acid realisation washigher as compared to the previous year in line, with the increasing sulphur prices.Production was also affected due to planned bi-annual maintenance shutdown and also due totemporary stoppage of the Tuticorin copper smelter as per the Honourable Madras High Courtorder, dated 28 September 2010 for closure of Tuticorin copper unit.
The operational performance was as follows:
| Product | 2010-11 | 2009-10 | Variance |
| Copper Cathodes | 3,03,991 MT | 3,34,174 MT | (9.0%) |
| Copper Rods | 1,87,892 MT | 1,96,882 MT | (4.6%) |
| Sulphuric Acid | 9,68,760 MT | 10,36,353 MT | (6.5%) |
| Phosphoric Acid | 1,54,232 MT | 2,05,844 MT | (25.1%) |
During the year under review, your Company consolidated its leadership position indomestic copper with record sales of 2,06,653 MT. Production of cathodes was 3,03,991 MTin the financial year 2011, lower by 9% year on year reflecting both the impact of theplanned maintenance undertaken, the effect of lower copper grades in concentrate onproduction and temporary stoppage following the High Court order in end September 2010. Onthe Special Leave Petition (SLP) filed by the Company, Honourable Supreme Court of Indiastayed the operation of the order of Madras High Court directing closure of Copper Smelterat Tuticorin. The unit is currently operational at it's full capacity. Your Company alsoexported 96,674 MT of copper, including exports of 31,377 MT of copper rods.
Projects
Copper Smelter - Four Lakh Tonnes Per Annum (4 LTPA) and 2 x 80 Rs. 160 MW CaptivePower Plant
The construction of the Captive Power Plant at Tuticorin is in progress and the firstunit is now scheduled for commissioning in Q4 of the financial year 2011-12. While theMinistry of Environment & Forest (MoEF) clearance is in place for the 4 LTPA, theCopper Smelter Expansion Project at Tuticorin is being rescheduled, awaiting the consentfrom the State Pollution Control Board.
TRANSFER TO GENERAL RESERVES
Out of the total profit of Rs. 1,419.71 Crore for the financial year 2010-11, an amountof Rs. 500 Crore is proposed to be transferred to the General Reserve. The above transferto general reserves is in compliance to the Companies (Transfer of Profits to Reserves)Rules, 1975.
DIVIDEND
Your Directors are pleased to recommend a dividend of Rs. 1.10 per equity share of Rs.1/- each (i.e. 110%) for the financial year 2010-11. The dividend, when approved at theensuing Annual General Meeting, will be paid to those shareholders whose names appear onthe register of members of the Company as on the Book Closure date.
BONUS AND SPLIT
The Board of Directors at its meeting held on 26 April 2010 approved sub-division ofthe Equity Shares from face value of Rs. 2/- each to face value of Rs. 1/- each and also abonus issue in the ratio of 1:1 equity shares. The approval of the shareholders of theCompany was obtained at the 35th Annual General Meeting held on 11 June 2010. The RecordDate to determine the shareholders entitled for the stock split and bonus was 22 June2010. The Committee of Directors, in their meeting held on 23 June 2010, considered,approved and allotted 1,68,04,06,690 Equity Shares of Rs. 1/- each towards the bonus inthe ratio of 1:1 equity shares.
SHARE CAPITAL
Pursuant to the shareholders approval at the 35th Annual General Meeting on 11 June2010 and the Record Date of 22 June 2010, the Company's stock split from Rs. 2/- to Rs.1/- and Bonus in the ratio of 1:1 Equity Shares of Rs. 1/- was issued to the shareholders.The Company's issued and paid up capital increased to Rs. 336.12 Crore (consisting of3,36,12,07,534 Equity Shares of Rs. 1/- each) from Rs. 168.08 Crore (consisting of84,04,00,422 Equity Shares of Rs. 2/- each).
Acquisition of Zinc Mining Companies
During 2010-11 the Company through one of its wholly owned subsidiaries completed theacquisition of Zinc assets of Anglo American Plc. ("Anglo Zinc") comprising itsSkorpion mines in Namibia, Lisheen mines in Ireland and its 74% owned Black Mountain minesin South Africa, which includes the Black Mountain mine and the Gamsberg project. TheseZinc assets are an excellent operational and strategic fit with our existing zinc businessand are expected to create significant long term value.
Credit Rating
CRISIL has upgraded its ratings of your Company's cash credit facility andnon-convertible debentures to 'AA+/Stable' from 'AA/Stable'. The upgrade reflectsCRISIL's expectation of significant improvement in the Company's capital structure thanpreviously envisaged, and also reflects the group's continued strong business performanceand the good progress in the group's ongoing projects. The rating on Sterlite's short-termfacilities has been reaffirmed at 'P1+'. The treasury portfolio of fixed incomeinvestments has been evaluated as 'Very Good' (highest safety from credit defaulton CRISIL's 4 point scale). Strong credit ratings by Credit Rating agencies reflect theCompany's financial discipline and prudence.
CORPORATE GOVERNANCE AND ADDITIONAL INFORMATION TO SHAREHOLDERS
The Company is committed to maintain highest standards of corporate governance. Aseparate report on Corporate Governance, pursuant to Clause 49 of the Listing Agreementwith the stock exchange(s), Auditors' Certificate on its compliance, including theManagement Discussion and Analysis, and shareholders' information, forms a part of thisannual report.
MANAGEMENT DISCUSSION AND ANALYSIS
General Economic Outlook
Global economic growth exceeded our expectation in the financial year 2010-11, althoughthe global economy remained volatile. Commodity prices declined at the start of the yearbut recovered in the second half as European Sovereign debt concerns receded and developedeconomies started to stabilise. Demand from Asian Economies remained robust and was keydriver of growth.
The strong growth story in India with consumption of basic commodities increasingthroughout the year. From Sterlites perspective this meant our sustained investment in thedown-turn of 2008-09, reaped rewards. Against the backdrop of this favourable increase indemand and strong prices, we delivered record production and a very strong set of resultsacross our business as we focused on delivering operational excellence and sustainedvolume growth.
Similar to last year, overall Indian copper demand grew by 4% in the financial year2010-11. The demand of refined copper has been average in the second half of 2010-11, onaccount of rising LME and increasing gap between primary and secondary copper. Compared tothe financial year 2009-10, in the domestic market, Sterlite recorded a 9% rise in salesof copper cathodes. There has been an increase in the consumption of refined copper to theextent of 5% in the transformer segment. SIIL enjoyed nearly 50% share across all themajor segments-winding wire, transformers & cable segments during the financial year2010-11. Growth in these major segments is well supported by the fact of increasinginvestments in the power sector in India. 32,512 MW of power capacity has been alreadyadded under the eleventh 'five year plan'.
Yet, over the span of the year, the Indian economy posted a remarkable recovery, notonly in terms of overall growth figures but, more importantly, in terms of certainfundamentals, which justify optimism for the Indian economy in the medium to long term.Your Company also feels that the worst is over and is fully geared to take advantage ofthe improved economic indicators.
A detailed Management Discussion and Analysis Report forming part of this report asrequired under Clause 49(IV)(F) of the Listing Agreement with the Stock Exchanges isprovided in a separate section of this Annual Report.
SUBSIDIARY COMPANIES
Your Company had 36 subsidiary companies as on 31 March 2011.
The shareholders may refer to the statement under Section 212 of the Companies Act,1956 and information on the financial statements of subsidiaries appended to the aboveStatement under Section 212 of the Companies Act, 1956 in this Annual Report for furtherinformation on these subsidiaries.
The Company undertakes that annual accounts of the subsidiary companies and the relateddetailed information be made available to shareholders of the holding and subsidiarycompanies seeking such information at any point of time. The annual accounts of thesubsidiary companies are also kept for inspection by any shareholders at the registeredoffice of the holding company and of the subsidiary companies concerned at the respectivecompanies' registered offices. A hard copy of details of accounts of subsidiaries to anyshareholder shall be provided on demand.
Members may write to the Company Secretary at Sterlite Industries (India) Limited,SIPCOT Industrial Complex, Madurai By-pass Road, Tuticorin Rs. 628 002 to obtain a copy ofthe financial statements of the subsidiary companies.
The consolidated financial statements, in terms of Clause 32 of the Listing Agreementand in terms of Accounting Standards 21, as prescribed by Companies (Accounting Standards)Rules, 2006 issued by Ministry of Corporate Affairs vide notification no. G.S.R. 739 (E)dated 07 December 2006, also form part of this Annual Report.
FIXED DEPOSITS
Your Company has not accepted or renewed any fixed deposits under Section 58A of theCompanies Act, 1956. No amount of principal or interest was outstanding as on 31 March2011.
DIRECTORS
Mr. Sandeep Junnarkar retires by rotation at the ensuing Annual General Meetingscheduled on 23 July 2011 and is eligible offer himself a re-appointment. The briefprofiles of Mr. Sandeep Junnarkar is given in the chapter on Corporate Governance.
SECRETARIAL AUDIT REPORT
A secretarial audit for the year 2010-11 was carried out by Dr. K. R. Chandratre,Practicing Company Secretary. The said secretarial audit unqualified report forms part ofthis Annual Report.
The secretarial audit report confirms that the Company has complied with all theapplicable provisions of the Companies Act, 1956, Depositories Act, 1996, ListingAgreements with the Stock Exchanges, Securities Contracts (Regulation) Act, 1956 and allthe regulations of SEBI as applicable to the Company, including the Securities andExchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,1997 and the Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations, 1992.
INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956
A. CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENTS, TECHNOLOGY ABSORPTION, FOREIGNEXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 217(1)(e) of the Companies Act, 1956, readwith the Companies (Disclosure of Particulars in the Report of the Board of Directors)Rules, 1988 are set out as an annexure to the Directors' Report.
B. PARTICULARS OF EMPLOYEES
Pursuant to the provisions of Section 217(2A) of the Companies Act, 1956 read with theCompanies (Particulars of Employees) Rules, 1975 as amended, the names and otherparticulars of employees are set out as an annexure to the Directors' Report. However, asper provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the report and theaccounts are being sent to all the shareholders excluding the aforesaid information. Anyshareholder desirous of obtaining such particulars may write to the Company Secretary atthe registered office of the Company.
C. DIRECTORS' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your Directors herebyconfirm that:
• In the preparation of the annual accounts, applicable accounting standards havebeen followed along with proper explanations relating to material departures;
• Such accounting policies have been selected and they have consistently appliedthem and made judgements and estimates that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company at the end of the financial yearand of the profit of the Company for that period;
• Proper and sufficient care for maintenance of adequate accounting records havebeen taken in accordance with the provisions of this Act, for safeguarding the assets ofthe Company, and for preventing and detecting fraud and other irregularities;
• The accounts are prepared on 'going concern' basis.
AUDITORS
The statutory auditors of the Company, M/s. Chaturvedi & Shah, CharteredAccountants and M/s. Deloitte Haskins & Sells, Chartered Accountants, retire at theensuing Annual General Meeting.
M/s. Chaturvedi & Shah and M/s. Deloitte Haskins & Sells, Chartered Accountantshave confirmed their eligibility and willingness to accept office of Auditors.
The Audit Committee and the Board of Directors therefore recommend M/s. Chaturvedi& Shah and M/s. Deloitte Haskins & Sells, Chartered Accountants as statutoryauditors of the Company for 2011-12 for the approval of shareholders.
ADEQUACY OF INTERNAL CONTROLS
The Company, as part of Vedanta Group, has a strong internal control system in place.The internal control system of the Company is supported by the Management AssurancesServices (MAS) function. Your Company is having a documented Standard Operating System(SOPs) for procurement, project / expansion management, capex, human resources, sales andmarketing, finance, treasury, compliance, Safety, Health and Environment (SHE) andmanufacturing.
An annual audit plan is drawn in consultation with the MAS team as approved by theAudit Committee. The internal controls system and mechanism is reviewed periodically tomake it robust, so as to meet the challenges of the business. The Company has a system ofcarrying out internal audit, covering monthly physical verification of inventory, monthlyreview of accounts and a quarterly review of all business processes. To enhance internalcontrols, the internal audit follows stringent grading mechanism, focusing on theimplementation of all recommendations of internal auditors. The internal auditors makeperiodical presentations to the Audit Committee, who review the same and ensure strictcompliance.
Our risk management framework acts as an effective tool in mitigating the various riskswhich our business are exposed in the course of their operations as well as in theirstrategic action. The risk management framework 'Turnbull Risk Matrix' is designed to helpthe organisation meet its objectives through alignment of the operating controls to themission and vision of the Company. The Company also has a well documented internalcontrols systems and disclosure control required for compliance to the Sarbanes Oxley Actof 2002.
AUDITORS' QUALIFICATION SYSTEM ON ACCOUNTS
Notes to the accounts, as referred in the auditors report, are self-explanatory andconsistently followed, and therefore do not call for any further comments andexplanations.
GROUP STRUCTURE
Pursuant to intimation from the Promoters, the names of the Promoters and entitiescomprising 'Group' are disclosed in the Annual Report for the purposes of the SEBI(Substantial Acquisitions of Shares and Takeovers) Regulations, 1997.
DEPOSITORY SYSTEM AND LISTING OF SHARES
Details of the depository system and listing of shares are given in the section"Additional Shareholder Information", which forms a part of the CorporateGovernance Report and is attached with the Annual Accounts.
REGISTRAR AND SHARE TRANSFER AGENT
M/s. Karvy Computershare Private Limited, Hyderabad, are the Registrar and ShareTransfer Agent of the Company. Details of the depository system and listing of shares aregiven in the section "Additional Shareholder Information", which forms a part ofthe Corporate Governance Report and is attached with the Annual Accounts.
HUMAN RESOURCES
Your Company, as a part of 'Vedanta' group, believes that people are the biggeststrength in line with its vision to create a world-class organisation. It focuses onlearning and development, to enhance the knowledge & skill and preparing its people toface the challenges. During the year, your Company organised various training programmesand achieved an average of seven days of training for employees.
CORPORATE SOCIAL RESPONSIBILITY
The Company began the CSR activity twelve years ago. Sterlite believes that CorporateSocial Responsibility (CSR) initiatives are a way to pay back societal debts andobligations. All our CSR activities are determined by the concept of 'Changing Lives',where we constantly endeavour to improve the quality of life of the communities where weoperate. Our CSR activities are conceived to bridge gaps in society and help transformcommunities around our workplace and enhance the quality life of the people. The Companydoes its maximum contribution to uplift the quality of life of women, children and youthin our focus areas.
A detailed report on the Corporate Social Responsibility of your Company is given in aseparate section in this Annual Report.
ACKNOWLEDGEMENTS
Your Company maintained healthy, cordial and harmonious industrial relations at alllevels. The enthusiasm and unstinting efforts of the employee have enabled your Company toremain at the forefront of the industry. The Directors place on record, their sincereappreciation for significant contributions made by the employees through their dedication,hard work and commitment towards the success and growth of the Company.
The Directors also acknowledge the support and assistance extended to us by theGovernment of India, various state governments, and government departments, financialinstitutions, bankers, shareholders and investors at large, and look forward to having thesame support in our endeavours.
For and on behalf of the Board of Directors,
Anil Agarwal
Chairman
Place: Mumbai
Dated: 25 April 2011
Annexure-A
Statement containing particulars required under the companies (Disclosure ofparticulars in the report of the Board of Directors) Rules, 1988 and forming part of theDirectors' Report for the year, that ended 31 March 2011.
(A) Conservation of energy:
a) Conservation of natural resources continues to be the key focus area of our Company.Following are some of the important steps taken in this direction.
i. Cast wheel LPG consumption reduction in CCR by modification to the IntermediateLaunder giving a saving of Rs. 80 lakhs per annum.
ii. LPG consumption reduced by 1 kg / MT of anode by:
1. Covering exposed launders to reduce heat loss.
2. Use of Nitrogen during oxidation in anode furnace -Savings of approximately Rs. 60lakhs per annum.
iii. IGV installation in O2 plant booster air compressor -Savings of approximately Rs.15 lakhs per annum.
iv. Air audit conducted by IR and recommendations implemented - Savings ofapproximately Rs. 35 lakhs per annum.
v. Conventional Cooling Tower replaced with Air Coolers -Savings of approximately Rs.11 lakhs per annum.
vi. Twin Lobe blower installed in PMB in place of Compressor resulting in steamreduction by 5%.
vii. High Efficiency Pumps installed at various locations in Chinchpada & Pipariaresulting in a saving of Rs. 2.5 lakhs units per annum.
viii. Fan less & Finless Cooling Tower installed resulting in considerable savingof energy.
ix. Conventional Chokes replaced with Electronic Ballast in Piparia resulting in powersaving of 33,000 units per annum.
x. Usage of Flux Maxios at Piparia has reduced consumption of LPG by 0.5 kg / MT.
xi. Usage of LNG at CCR in place of LPG resulting in a reduction of Rs. 800 per MT atSilvassa.
b) Additional investments and proposals, if any, being implemented for reduction ofconsumption of energy
i. Conversion of HT to LT motors in slag granulation.
ii. Use of blowers in place of compressed air in ETP.
iii. Use of steam from WHRB (Waste Heat Recovery Boiler) in SAP for use in Refinery.
c) Impact of above measures in a) and b) for reduction of energy consumption andconsequent impact of cost of production of goods.
The efforts taken to conserve energy will not only bring down the cost of productionsignificantly, but will also help us preserve environment.
d) Total energy consumption and energy consumption per unit of production.
As per form A attached.
(B) TECHNOLOGY ABSORPTION
Efforts made in technology absorption as per Form B annexed.
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO
a) Activities relating to export, initiatives taken to increase export, development ofnew export markets for products and services, and export plan:
1. The export volume for 2010-11 was 96,674 MT, declined by 24% from the previous year.
2. There was a decrease in the volume of export of copper rods by 24% in the valueadded products (copper wire rods) over the achievement made in 2009-10, mainly due to thesurplus availability in the overseas market.
b) Total Foreign Exchange used and earned:
Amount (Rs. in Crore)
| 2010-11 | 2009-10 |
| 1) Foreign exchange earnings | 6,653.59 | 6,019.99 |
| 2) Foreign exchange outgo: CIF Value of imports of Raw Material, Components & Spare Parts | 14,391.75 | 12,110.99 |
| Capital Goods | 1.31 | 5.71 |
| Others | 258.11 | 540.73 |
Form 'A'
Disclosure of particulars with respect to conservation of energy
| Particulars | Unit | Year Ended 31 March 2011 | Year Ended 31 March 2010 |
| A. Power and Fuel Consumption | | | |
| Electricity | | | |
| Purchase Unit | MWH | 3,99,555 | 2,11,047 |
| Total Amount (Excess Demand Charges) | Rs. in Crore | 170.45 | 87.32 |
| Rate / Unit | | 4.27 | 4.14 |
| Own generation Unit* | MWH | 2,32,349 | 3,39,301 |
| Unit per unit of fuel | | 6.67 | 4.83 |
| Cost / Unit | | 6.32 | 5.32 |
| Furnace Oil** | | | |
| Quantity | KL | 50,949 | 90,385 |
| Total Amount | Rs. in Crore | 176.73 | 206.31 |
| Average Cost per litre | | 34.69 | 22.83 |
| Diesel | | | |
| Quantity | KL | 874 | 621 |
| Total Amount | Rs. in Crore | 2.95 | 1.90 |
| Average Cost per litre | - | 33.75 | 30.66 |
| L.P.G. / Propane / IPA | | | |
| Quantity | MT | 14,927 | 10,710 |
| Total Amount | Rs. in Crore | 59.52 | 36.42 |
| Average Cost per litre | - | 39.88 | 34.00 |
| NATURAL BRIQUTTE | | | |
| Quantity | MT | 3,201 | - |
| Total amount | Rs. in Crore | 1.35 | - |
| Average cost per mt | - | 4,226.96 | - |
| B. Consumption per MT of Production | | | |
| Electricity | MWH | 3.03 | 1.65 |
| Furnace Oil | KL | 0.24 | 0.27 |
| Diesel Oil | KL | 0.01 | 0.01 |
| L.P.G. / Propane / IPA | MT | 0.07 | 0.03 |
* This includes the WHRB generation also.
** This includes the FO consumed in CPP also.
Form 'B'
Form of disclosure of particulars with respect to technology absorption
RESEARCH AND DEVELOPMENT (R & D)
| 1. Specific areas in which R & D carried out by the Company | Not Applicable |
| 2. Benefits as a result of R & D | Not Applicable |
| 3. Future plan of action | Not Applicable |
| 4. Expenditure on R & D | |
| a. Capital | |
| b. Recurring | Not Applicable |
| c. Total | |
| d. Total R & D expenditure as a percentage of total turnover | |
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
| 1. Efforts in brief made towards technology absorption, adaptation and innovation | i. Conversion of HT to LT motors in slag granulation area; |
| ii. Use of blowers in place of compressed air in ETP; |
| iii. Use of steam from WHRB in SAP for use in refinery; |
| iv. Use of LNG at CCR Chinchpada in place of LPG; |
| v. Twin Lobe blower installed in PMB in place of Compressor resulting in steam reduction by 5%; |
| vi. High Efficiency Pumps installed at various locations in Chinchpada & Piparia resulting in a saving of 2.5 lakh units per annum; |
| vii. Fanless & Finless Cooling Tower installed resulting in a saving of 2 lakh units; |
| viii. Conventional Chokes replaced with Electronic Ballast in Piparia resulting in power saving of 33,000 units per annum; |
| ix. Usage of Flux Maxios at Piparia has reduced consumption of LPG by 0.5 kg / MT; |
| x. Usage of LNG at CCR in place of LPG resulting in a reduction of Rs. 800 per MT. |
| 2. Benefits derived as a result of above efforts e.g., product improvement, cost reduction, product development, import substitution. | The Above mentioned initiatives have resulted in a lower cost of production and a better working environment. |
| 3. In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), the following information may be furnished: | 1. Selenium Plant - Outokempu Outotec OYJ (Year 2005) |
| a. Technology imported; | 2. Bismuth Plant - IBC Advanced Technologies (Year 2007) |
| b. Year of import; | 3. Dore Plant - Outokempu Outotec OYJ (Year 2009) |
| c. Has technology been fully absorbed. | The technology has been fully absorbed. |
Annexure to the Directors' Report
List of companies / persons constituting Group coming within the definition of"group" for the purpose of the SEBI (Substantial Acquisitions of Shares andTakeovers) Regulations, 1997, include the following:
Sr. No.Name of Group Companies
1. Volcan Investments Limited, Bahamas
2. Vedanta Resources Plc, United Kingdom
3. Vedanta Finance (Jersey) Limited, Jersey
4. Vedanta Resources Holdings Limited, United Kingdom
5. Twin star Holdings Limited, Mauritius
6. Welter Trading Limited, Cyprus
7. Vedanta Resources Finance Limited, United Kingdom
8. Vedanta Resources Cyprus Limited, Cyprus
9. Richter Holding Limited, Cyprus
10. Westglobe Limited, Mauritius
11. Finsider International Company Limited, United Kingdom
12. Sesa Goa Limited, India
13. Konkola Copper Mines Plc, Zambia
14. Vedanta Aluminium Limited, India
15. The Madras Aluminium Company Limited
16. Sterlite Infra Limited, India
17. Sterlite Opportunities and Ventures Limited, India
18. Talwandi Sabo Power Limited, India
19. Hindustan Zinc Limited, India
20. Bharat Aluminium Company Limited, India
21. Twin star Mauritius Holdings Limited, Mauritius
22. Konkola Resources Plc, UK
23. Vedanta Resources Investments Limited, United Kingdom
24. Twin Star Energy Holdings Ltd., Mauritius
25. Monte Cello BV, Netherlands
26. Sterlite Energy Limited, India
27. Copper Mines of Tasmania Pty Ltd, Australia
28. Sterlite (USA) Inc., USA
29. Fujairah Gold FZE, UAE
30. Thalanga Copper Mines Pty Ltd., Australia
31. Monte Cello Corporation NV, Netherlands Antilles
32. Anil Agarwal Discretionary Trust, Bahamas
33. Onclave PTC Limited, Bahamas
34. Lakomasko BV, Netherlands
35. Vedanta Jersey Investments Limited, Jersey
36. Vedanta Resources Jersey Limited, Jersey
37. Vedanta Resources Jersey II Limited, Jersey
38. Sesa Resources Limited, India
39. Sesa Mining Corporation Limited, India
40. Goa Maritime Private Limited, India
41. Vizag General Cargo Berth Private Limited, India
42. Allied Port Services Private Limited, India
43. MALCO Industries Limited, India
44. MALCO Power Company Limited, India
45. Mr. Anil Agarwal
46. Paradip Multi Cargo Berth Private Limited, India
47. Sesa Industries Limited, India
48. THL Zinc Ventures Limited, Mauritius
49. THL Zinc Holding BV, Netherlands
50. THL Zinc Limited, Mauritius
51. THL Zinc Holding Cooperatief U.A., Netherlands
52. Pecvest 17 Proprietary Limited, South Africa
53. THL Zinc Namibia Holdings (Proprietary) Limited, Namibia
54. Black Mountain Mining (Proprietary) Ltd., South Africa
55. Skorpion Zinc (Proprietary) Limited, Namibia
56. Namzinc (Proprietary) Ltd, Namibia
57. Skorpion Mining Company (Proprietary) Ltd.
58. Amica Guesthouse (Proprietary) Ltd.
59. Rosh Pinah Health Care (Proprietary) Ltd.
60. Rokshar Township (Proprietary) Ltd.
61. Vedanta Lisheen Finance Limited, Ireland
62. Vedanta Base Metals (Ireland) Limited, Ireland
63. Vedanta Lisheen Mining Limited, Ireland
64. Killoran Lisheen Mining Limited, Ireland
65. Killoran Lisheen Finance Limited, Ireland
66. Lisheen Milling Limited, Ireland
67. Killoran Concentrates Limited, Ireland
68. Killoran Lisheen Limited, Ireland
69. Azela Limited, Ireland
70. Killoran Lisheen Holdings Limited, Ireland
For and on behalf of the Board of Directors
Anil Agarwal
Chairman
Place: Mumbai
Dated: 25 April 2011