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Vedanta sets up new copper plant in Saudi Arabia

16 Nov 2023 , 11:35 AM

On Wednesday, the Vedanta Group said that, for SAR (saudi riyals), one million, it had established a new copper unit in Saudi Arabia through its subsidiary Malco Energy Limited.

The business announced in an exchange filing that the new division is called Vedanta Copper International VCI business Limited.

The board of Vedanta approved a plan in September to divide the company into six different listed companies.

Based on input from advisors, Vedanta chairman Anil Agrawal had stated on August 25 that the group is thinking at listing all or some of its subsidiaries independently.

Additionally, he had stated that the 'pure play' enterprises would expand if the various businesses were listed separately.

The business had stated last year that it intended to make investments in Saudi Arabia's mineral industry.

A deal that was concluded on November 6th by Vedanta Resources and the Zambian government returned ownership of Konkola Copper Mines (KCM) to the Indian corporation.

ZCCM-IH and Vedanta signed the agreement in Lusaka. The Zambian government seized the copper assets in 2019.

The KCM board will be reappointed as a result of the accord, and all pending legal challenges will be dropped.

Billionaire Anil Agarwal's Vedanta had launched multiple legal actions to reclaim control of KCM after the government of former president Edgar Lungu orchestrated the seizure of the copper assets by forcing the operations into liquidation in May 2019. One of these actions was a lawsuit against Zambia in a London arbitration court.

The business was charged by the Zambian government for not making investments to increase copper output.

The Taiwan-based TFT LCD manufacturer Innolux Corporation and the Vedanta Group are in talks about building a display fabrication facility in India.

Governor of State for Information Technology and Electronics Rajeev Chandrasekhar was recently visited by representatives of both firms.

Prior to this, Vedanta had tried to establish a joint venture with Foxconn, the massive Taiwanese electronics manufacturer, which had declared intentions to invest $19.5 billion in the establishment of a semiconductor wafer fabrication facility.

For feedback and suggestions, write to us at editorial@iifl.com

India

Related Tags

  • copper
  • Saudi Arabia
  • Vedanta
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