 | This article has multiple issues. Please helpimprove it or discuss these issues on thetalk page.(Learn how and when to remove these messages) (Learn how and when to remove this message)
|
 | |
| Company type | Public |
|---|---|
| Industry | |
| Predecessor |
|
| Founded | 1979; 47 years ago (1979) |
| Headquarters | Mumbai, India |
Key people | Anil Agarwal (non-executive chairman) Sunil Duggal (CEO) |
| Products | |
| Revenue |  ₹146,277 crore (US$17 billion) (2024)[1] |
| ₹20,363 crore (US$2.4 billion) (2024)[1] | |
| ₹7,537 crore (US$890 million) (2024)[1] | |
| Total assets | ₹190,807 crore (US$23 billion) (2024)[1] |
| Total equity | ₹42,069 crore (US$5.0 billion) (2024)[1] |
Number of employees | 97,015 (2024)[2] |
| Parent | Vedanta Resources |
| Subsidiaries |
|
| Website | vedantalimited |
Vedanta Limited is an Indian multinationalmining company headquartered inMumbai, with its main operations iniron ore,gold andaluminium mines inGoa,Karnataka,Rajasthan andOdisha.[4]
Vedanta (then calledSterlite industries) began in the 1980s, as the founder D.P.Agarwal foundedSterlite Industries (India) Limited inMumbai and begun to buymining concessions in different states of India. He was soon joined by his two sons, Navin Agarwal and Anil Agarwal, both of whom currently run the company. In 1992, they established Volcan investments inNassau (Bahamas) as the main holding company for their mines.[5] D.P.Agarwal had a small aluminium conductor business inPatna. His sonAnil Agarwal had come to Mumbai to expand their business.[6]
In the 1990s, as the Indian government began to sell off sick (non-performing) companies, Sterlite began to bid for them. They were able to bid successfully forBALCO andHindustan Zinc Limited, both bankrupt companies that had been closed down for 4 years. Meanwhile, in January 1993, D. P. Agarwal founded Twinstar Holdings Limited inMauritius, which was mostly owned by Volcan investments. On 26 May 2002, theEnforcement Directorate filed ashow cause notice with Sterlite, relating to the six-year period between 1993 and 1999 when Twinstar acquired the shares of Sterlite and various investment companies – such as Dwarka Prasad Anil Kumar Investments Private Limited, Pravin Navin Investment & Trading Private Limited and Sterlite Copper Rolling Mills Private Limited – which, in turn, had made substantial investments in Sterlite and another group company, Madras Aluminium Company Limited (MALCO) after obtaining permission from theReserve Bank of India (RBI). On 29 April 1999, many of these investment companies were liquidated and all the shares of Sterlite came back to Twinstar's possession. Twinstar became the 100% owner of shares in these investment companies and received government approvals from the RBI as well as the Foreign Investment Promotion Board (FIPB).[5]
On 8 December 1999, officials of the Income Tax department raided the offices of Sterlite located at Dhanraj Mahal,Apollo Bunder andTulsiani Chambers,Mumbai, and seized many documents. The IT department then decided to engage the services of ED officials as it appeared that there could have been a violation of the country's foreign exchange laws. After analyzing these documents, the ED inferred that Twinstar was incorporated with the sole intention of acquiring an interest in Sterlite. The Directorate alleged that the Agarwals, before liquidating the shares of the investment companies mentioned, had written off loans worth 230 million and made an agreement to gift their overseas corporate body, Twinstar, a sum of₹338 million including shares of Sterlite worth₹72 million. Between 1993 and 1999, Sterlite and its investment companies allegedly brought in₹2.08 billion to India through Twinstar to subscribe to the shares of Sterlite and make investments in the company.[7][5]
The company today known as Sesa Goa was founded in 1954, asScambi Economici SA Goa.[8] Since then, it gradually grew to become a large low-cost producer of iron ore. During 1991–1995, it diversified into the manufacture ofpig iron andmetallurgicalcoke. Scambi Economici Societa Anonyma (SESA), owned by Baron Ludovic Toeplitz, with the financial backing of Alessandro Vassalo, obtained the Orasso Dongor mining lease in Sirsaim, Goa in 1954 and Sesa Goa Limited was formed. It was bought over in 1955, with equal shareholding, by Gewerkeshaft Exploration e Bergbau and Ferromin S.p.A., a subsidiary ofFinsider S.p.A. (ofIRI group), which eventually acquired the other half stake in 1963.[citation needed]
Sesa Goa Limited was incorporated as a private limited company in 1963 underThe Companies Act, 1956. In 1979, Sesa Goa Private Limited was formed, with the merger of Sesa Goa Limited with another mining company in Goa, Mingoa Sociedade Miniera Goesa S.a.r.l. By 1965, Sesa Goa and Mingoa were incorporated as aprivate limited company under The Companies Act, 1956. Themerger happened in 1979 and the new, unified company was called 'Sesa Goa Pvt Ltd'. The company went public in 1981[9] with 42,000 Indianshareholders, holding 60% of itsshares and the remaining 40% held by Finsider International, which later becameILVA International. Sesa Goa had started with iron mining as its core business but slowly, it ventured into barge construction in 1984 at Sirsaim, located in theBardeztaluka of North Goa. Since then, the barge construction unit has been developed into a shipbuilding division.[10]
In the 1990s, Sesa Goa began further expansion, aided by an influx of foreign investment during theeconomic liberalization of India enforced by theWorld Bank andIMF. In 1992, the first phase of a 150,000tonpig iron plant was commissioned. In the same year, Sesa introduced India's first low-phosphorusfoundry grade pig iron in India and subsequently formalised the business under pig iron division. The pig iron plant was located atAmona,Goa and had an annual production capacity of 250,000 tonnes per annum.Other alliances were formed in the nineties—in January 1995, Sesa Shipping was launched by acquiring a transhipperM.V. Orissa. The year also saw the inclusion of 84 newcoke ovens. When Mitsui & Co. of Japan bought Finsider International in 1996, it gained 51% stake in Sesa Go. By 1997, Sesa Kembla became a 100% subsidiary of Sesa Goa.
In 1997, A Narrain mines located inChitradurga,Karnataka were purchased. ASupreme Court directive in August 2011 led to suspension of mining activities in the region. In 1999, Sesa Goa started mining operations inBarbil, which has the fifth largest deposit of iron ore andmanganese in the world. They started producing iron ore which was exported from the port towns ofHaldia andParadip. During this time, the company also started the Sesa Community Development Foundation that supported the NCM Sesa Technical School and afootball academy calledSESA F.A. In March 2024,Supreme Court also rejected a plea for reopening the plant inTamil Nadu.[11]
During the end of the 90s, the company also began to consolidate through mergers and acquisitions. Sesa Kembla completed the creation of an indigenous and environment-friendly technology that produced high-quality metallurgical coke. This technology generated power[12] as a by-product.[13] In 2003, the Sesa Goa equity in Sesa Industries was raised to 88.25%, impacting the shareholding pattern.
In 2007,Vedanta Resources Plc, a diversified metals and mining group founded byAnil Agarwal, acquired 51% controlling stake[14] in Sesa Goa Ltd. from Mitsui & Co. Ltd. Vedanta Resources is listed on theLondon Stock Exchange and a constituent ofFTSE 100 Index. The deal was worth₹40.7 billion (US$480 million), making it the largest M&A deal in the industry so far.[15]In 2009, Sesa Goa acquired Goa-basedDempo Group's mining and maritime businesses for₹17.5 billion (US$210 million) in an all-cash deal.[16][17] This was the second largest[18] acquisition in India's iron-ore industry, and it gave Sesa Goa access to Dempo's 70 million tons of iron-ore mineable resources in Goa. In 2011, Sesa Goa purchased 51% stake in Western Cluster, Liberia for $90 million.[19]TheLiberia Gola Forest Community people who also suffered from the civil war believe that the coming of Western Cluster will help to alleviate their suffering and provide employment.
In 2007, it became a majority-owned subsidiary[20] ofVedanta Resources Plc, listed on theLondon Stock Exchange, when Vedanta acquired 51% controlling stake fromMitsui & Co., Ltd. In June 2009, Sesa Goa Limited acquired[16] VS Dempo & Co. Private Limited (now Sesa Resources Limited) along with its fully owned subsidiary Dempo Mining Corporation (now Vedanta Limited) and 50% equity in Goa Maritime Private Limited. In 2010, Vedanta acquired the zinc assets of British minerAnglo American plc.
In 2011Vedanta Resources bought 58.5% controlling stake inCairn India, India's largest private sector oil & gas company.[21] In 2015,Sterlite Industries andSesa Goa announced their merger and finally merged into a single entity in August 2015.[22] In 2015,Sesa Sterlite changed its name to Vedanta Limited.[23] On 11 April 2017, Cairn India merged with Vedanta Limited to consolidate its position as one of the largest diversified natural resources companies in the world.[24]
In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited.[25] Electrosteel Steels had been constructing an integrated steel plant atSiyaljori in Jharkhand.
In May 2020, it is declared that company is going to delist from Indian bourses as per the comment by Mr. Anil Agarwal.[26]
In September 2022, Vedanta signed a pact withFoxconn as a technical partner to invest₹1.54 trillion (US$18 billion) to set up semiconductor and display production plants in Gujarat. The venture intends to start manufacturing display and chip products within two years. The investment follows the Indian government commitment to expand incentives beyond an initial $10 billion plan for those investing inmanufacturing of semiconductors.[27][28] Barely a year later in July 2023 the venture was ended with mutual agreement with both companies maintaining that they are still looking to set up semiconductor foundries in India.[29][30]
On 24 March 2024, Vedanta Ltd announced a $6 billion investment across various business verticals, including aluminium, zinc, iron ore, steel, and oil and gas, aiming to add at least $2.5 billion to its annualEBITDA. The investment is part of a strategy involving over 50 active projects expected to generate additional revenues of over $6 billion, with plans for a significant vertical split leading to the creation of five newly listed companies.[31]
Though the company primarily operated in Goa and Karnataka, it has gradually expanded its operations in recent years to Odisha, Rajasthan, Chhattisgarh, Tamil Nadu, Punjab, Jharkhand, Gujarat and Andhra Pradesh.[32]
Vedanta limited owns, leases and operates in India through the following entities:
As of 30 June 2018, the company is owned 50% by the promoters (under Finsider international and Twinstar holding, both holding companies owned under the names of 12 members of the Agarwal family) and 50% by the public. The promoters ownership (51%) is held under "Westglobe limited" under "Twinstar holdings" (37%) and Finsider international (11%).[47] The balance 49% of the company is owned by mutual funds (ICICI Prudential), foreign portfolio investors (17%), Corporate bodies (7%),LIC India (6%), Citibank New York (4%), individual retail shareholders (5%) and Citibank NYADR (4%).[48]
Relationship withSesa Goa: Sesa Goa was originally aPortuguese owned company, with iron ore mines in Goa. In the 1990s, Sesa Goa was purchased by Sterlite industries (subsequently renamed as Vedanta Limited).[49]
Vedanta Management has shared its intentions to delist company from stock exchanges subject to Shareholders approval. However, delisting is a lengthy process and may take years.[50]
Relationship with Cairns India and Carins energy: In 2016, Cairns India and Cairns Energy were purchased by Vedanta Limited. Cairns was a US-owned company and the 2nd largest private oil and gas company in India.
Copper: Vedanta limited operates the largestcopper smelter In India, inTuticorin. This contributes to nearly 50% of Vedanta Limited's profits. In early 2016, due to local protests related to environment pollution, the plant was temporarily shut down by the Tamil Nadu state government. Vedanta has contested these claims, stating that its gas emissions are well below the state norms and the emissions of 11 other neighboring industries. It has also stated that their plant does not pump any water into the sea, due to a change in the plant configuration after a previous (2013) complaints from the state government.[51]
Zinc-Lead-Silver: Zinc India business is owned and operated byHindustan Zinc Limited (HZL). HZL owns and operates a fully integrated zinc-lead business. HZL is one of the world's largest integrated zinc-lead producers by volume. Sesa Sterlite owns 64.9% of the share capital of HZL, while the Government of India remains an equity partner and holds a 29.5% stake. HZL is listed on Indian stock exchanges (NSE and BSE).HZL's fully integrated zinc operations include five lead-zinc mines, one rock phosphate mine, four hydrometallurgical zinc smelters, two lead smelters, one lead-zinc smelter, four sulphuric acid plants, one silver refinery and six captive power plants at our Chanderiya, Dariba and Zawar facilities in the State of Rajasthan, processing and refining facilities for zinc at Haridwar and for zinc, lead and silver at Pantnagar, both in the State of Uttarakhand and in northern India. In FY 2013, these operations delivered 870,000 tonnes of mined zinc-lead metal-in-concentrate, and 802,000 tonnes of refined zinc and lead.[52]
Aluminium: Vedanta's aluminium output rises 2% to 584,000 tonnes in second Qtr of FY23[53]
Vedanta invested US$37 million towards community development in 2015–16, benefitting over 2.25 million people globally.[54] The Confederation of Indian Industry (CII) ranked Vedanta Limited and its subsidiaryHindustan Zinc among the top ten sustainable firms in India.[55] In FY2016, Vedanta recycled 47% of the fly ash generated through operations, as well as recycled 23% of the water utilized during its operations.[56]
The company developed a Public-Private-Partnership (PPP), with theMinistry of Women and Child Development,Government of India to modernize and construct theAnganwadi infrastructure inIndia.[57][58]
In 2001, Sterlite industries,BPL andVideocon were found guilty by the Securities Exchange Board of India (SEBI) of having colluded with the brokerHarshad Mehta and 17 brokers (10 fromBSE and 7 fromNSE) in a bid to corner shares and rig shares prices. This resulted in a ban on Sterlite from accessing capital markets for 2 years.[59] Subsequent to this, in 2003,Vedanta Resources (UK) was listed on theLondon Stock Exchange. Vedanta Resources itself is a holding company that owns many entities including a large proportion of Vedanta Limited and Sterlite industries.[60]
In early 2018, thousands of residents ofTuticorin began to protest against the Sterlite plant located in the industrial complex there. The protests continued for three months and began to draw the attention of the media as well as local political parties who began to instigate as well as mobilise locals. Most of the protests were related to what locals perceived to be pollution from the Sterlite factory. The managers of Sterlite countered that there were another four similar plants adjacent to them, and that they were complying with all government regulations. There was little equipment, either with the plant or with the government to take actual measurements of the air in the vicinity. Sterlite further countered that contrary to the rumours that were being circulated, they did not pump any water from the plant into the sea which lay more than 10 kilometers away. In April 2018, the Government of Tamil Nadu placed an order to close down the factory.[61] This order was temporarily cancelled by the district collector.[62][63]
In May 2018, amidst ongoing protests by thousands of people, matters turned rough one day and the police opened fire on demonstrators.[64][65] The firing killed 13 people and protesters turned violent, burning vehicles and structures. Residents say the copper smelter is causing environmental damage. Subsequent to the firing, the Tamil Nadu chief ministerPalaniswami ordered a judicial inquiry into the shootings but defended the police response.[66]
Vedanta Aluminium received the recognition of "Indian Affairs India's Most Valuable Aluminum Producing Company of the Year 2018" & Its CEO Abhijit Pati in the category of "Indian Affairs Innovative CEO of the year 2018" at the Satya Brahma 9th AnnualIndia Leadership Conclave 2018 in Mumbai.[67]
The registered office and corporate office of Vedanta Limited are based in Mumbai.[68] The company has offices in New Delhi, NCR as well as across its operations in the country.
In August 2025, Vedanta's proposed demerger plan faced significant objections from the Indian federal government and the Securities and Exchange Board of India (SEBI). The government raised concerns over concealed liabilities and incomplete disclosures, leading the National Company Law Tribunal (NCLT) to defer the hearing to September 17, 2025.[69] SEBI issued a warning regarding modifications made to the demerger scheme post-No Objection Certificate (NOC).[70]
On August 21, 2025, Vedanta's board of directors met to consider and approve the second interim dividend for the financial year 2025-26. If declared, the record date for determining shareholder entitlement is set for August 27, 2025. This follows a first interim dividend of ₹7 per share announced in June 2025.[71][72]
Hindustan Zinc, a subsidiary of Vedanta, announced plans to establish a 10 million tonnes per annum (MTPA) tailings reprocessing plant with an investment of ₹3,823 crore. This initiative aims to enhance resource efficiency and contribute to Vedanta’s sustainability goals.[73]
ESL Steel Limited, part of the Vedanta Group, inaugurated a digital café in Madunia, Bokaro, to provide digital education and online learning resources to students from Classes 6 to 10. This initiative aims to bridge the rural-urban education divide through technology-enabled learning opportunities.[74]
| Subsidiaries & divisions |
| ||||||||
|---|---|---|---|---|---|---|---|---|---|
| People | |||||||||
| Others | |||||||||
