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Vedanta Hit with ₹92 Crore Penalty from Customs, Tamil Nadu

9 Oct 2024 , 04:31 PM

Vedanta received an order from the Office of the Commissioner of Customs, Tuticorin, Tamil Nadu, imposing a penalty of ₹92.03 Crore, a fine of ₹10 Crore, along with a demand for Customs Duty and applicable interest.

The demand is related to the pre-import condition applicable for a limited period on imports made against advance authorization.

Vedanta believes there is a strong legal case in its favor, citing recent judicial rulings. The company will determine the next course of action in due time.

The company does not expect this order to have a significant financial, operational, or other material impact on its activities.

Vedanta is a subsidiary of Vedanta Resources and is a leading global player in oil, gas, and metals, with operations in India, South Africa, and Namibia. It deals in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminum & power sectors.

In Q1 FY25, Vedanta reported a 54.02% rise in net profit to ₹5,095 Crore, compared to ₹3,308 Crore in Q1 FY24. The company’s revenue from operations grew by 5.68% year-on-year, reaching ₹35,239 Crore in Q1 FY25.

Related Tags

  • Vedanta
  • Vedanta Resources
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