Gold
Vedanta establishes Sesa Iron and Steel Subsidiary in Goa
08 Sep 2023 CW Team
Vedanta officially established a new subsidiary named Sesa Iron and Steel, situated in the state of Goa, as indicated by regulatory documents.
In a filing with the stock exchanges, the company stated, "Sesa Iron and Steel Limited has been formed to facilitate growth initiatives and to oversee the expansion of its operations."
It's noteworthy that Vedanta Group's Sesa Goa Iron Ore is also headquartered in the Western state and specialises in the exploration, mining, and processing of iron ore—a vital raw material in the production of iron and steel. Nevertheless, mining activities in the state have been suspended since a 2018 Supreme Court ruling.
This development comes one day after Vedanta Resources, the parent company of Vedanta listed in India, announced the return of ownership and operational control of its Konkola Copper Mines (KCM) in Zambia by the Zambian government.
A dispute had arisen between Vedanta Resources and the Zambian government, which was resolved after the mining conglomerate committed to investing more than $1 billion in the mines.
Vedanta Group chairman Anil Agarwal expressed his commitment, saying, "We have maintained our commitment to KCM since 2004 and believe it to be a valuable asset in our portfolio."
He added, "Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated copper producer, meeting the rapidly growing demand in India and positioning Zambia as the world's leading copper producer."
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