Vedanta To Build Steel Plant in Jharkhand

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Vedanta Limited, an Indian based conglomerate which deals in mining has come forward to build a steel plant in Jharkhand.It is an Indian contingent of London based firm Vedanta Resources Plc. The respective firm will set up a one million tonne per annum capacity with a total cost of 1,700 crores INR.

In a recent event one of the officials belonging to Jharkhand government revealed that, ” they have identified the land for the purpose. The company has already entered into an agreement with villagers to directly purchase between 360 and 390 acres. “

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The mining conglomerate is planning to seek iron ore from an old mine approved in mid of 2000. The old mine is most probably Sesa Goa which later on merged with Sterlite Industries to become one whole Sesa Sterlite. After few years it renamed it self as Vedanta Resources Plc. as of April 2015.

The conglomerate market closed at 103.70 INR in Bombay Stock Exchange on Friday. In its first quarter that is March , the conglomerate faced huge loss of 11,181 crores INR where as net sales was mere 15,830 crores INR. The loss was suffered due to impairment of assets costing up to 12,312 crores INR. As of BSE April 28, 2016 the net profit was marginalised to 955 crores INR.

Co-owner of Vedanta Resources Plc., Anil Agarwal, said that, the conglomerate is listed in London Stock Exchange. It has 8 subsidiaries under main Umbrella company of India contingent. These includes various segments such as Oil, Gas, Zinc, Aluminium, Copper as well as Power/Energy.

Apart from Indian operations it has its head office in foreign country Zambia under the name as Konkola Copper Mines Plc. It is a state owned mining company which has a 20.6% share hold in the main company Vedanta Resources Plc. under the segmentZambia Consolidated Copper Mines Investment Holdings (ZCCM – IH).

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