Vedanta incorporates new subsidiary Sesa Iron & Steel in Goa

7 Sep 2023 , 11:41 AM

According to a regulatory filing, Vedanta Ltd established a new subsidiary called Sesa Iron and Steel Limited in the state of Goa on Wednesday to handle the iron and steel business.

Sesa Iron and Steel Limited is incorporated for growth projects and to undertake expansion of its operations, stated the business in a regulatory filing with stock exchanges.

Sesa Goa Iron Ore, a subsidiary of the Vedanta Group, is situated in the Western state and is involved in the exploration, mining, and processing of iron ore. Iron ore is a critical raw element in the production of iron and steel. Mining in the state, however, has been halted as a result of a Supreme Court ruling in 2018.

This comes a day after Vedanta Resources, the parent company of India-listed Vedanta Ltd, stated that the Zambian government has returned ownership and operational control of its Konkola Copper Mines (KCM) in Zambia to it.

Vedanta Resources and the Zambian government had a disagreement, which was settled after the mining company pledged to invest more than $1 billion in the mines.

At around 11.34 AM, Vedanta was trading 1.08% lower at Rs 238.75, against the previous close of Rs 241.35 on NSE.

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