Vedanta Resources


Vedanta Resources

Infobox Company
company_name = Vedanta Resources Plc.
company_
company_type = Public (lse|VED)
foundation = 1976, Mumbai, India
location = London, England, UK
key_people = flagicon|IND Anil Agarwal, Executive Chairman
flagicon|IND Navin Agarwal, Deputy Executive Chairman
industry = Mining and Resources
products = Copper, Aluminium, Zinc, Lead and Gold
revenue = $6,502 million (2007)
operating_income = $2,506 million (2007)
net_income = $1,812 million (2007)
num_employees = 24,679 (2007)
parent =
subsid =
homepage = [http://www.vedantaresources.com www.vedantaresources.com]
footnotes =

Vedanta Resources plc (lse|VED) is a diversified and integrated metals and mining group headquartered in London, England. Vedanta was first listed on the London Stock Exchange in December 2003 [ [http://www.londonstockexchange.com/en-gb/about/Newsroom/Media+Resources/Welcome+Stories/2003/10-12-2003.htm "Welcome to Vedanta Resources"] . "Press Release". London Stock Exchange. December 10 2003 (URL retrieved September 21 2006).] and became a constituent of the FTSE 100 Index in June 2006. [ [http://news.bbc.co.uk/2/hi/business/5054520.stm "More mining firms join FTSE 100"] , BBC News, June 8 2006 (URL retrieved September 21 2006).]

History

The business was founded by Anil Agarwal [Freedman, Michael. [http://www.forbes.com/free_forbes/2004/0315/106.html "All Mine: Anil Agarwal capitalized on India's economic liberation to make a $1 billion fortune"] . Forbes. March 15 2004 (URL retrieved September 21 2006).] in 1976 as "Sterlite Industries" operating in the industrial sector. [ [http://www.vedantaresources.com/boardseniormanagement.htm Vedanta Resources Senior Mananagement] ] "Vedanta Resources" was established in 1986 to bring together a variety of businesses owned by the Agarwal family including "Sterlite Industries". [http://www.vedantaresources.com/corporatehistory.htm Vedanta Resources History] ] "Vedanta Resources" was first listed on the Bombay Stock Exchange in 1988 and on the London Stock Exchange in 2003. In 2004 it acquired a 51% stake in Konkola Copper Mines in Zambia. [ [http://findarticles.com/p/articles/mi_hb5976/is_200410/ai_n24147226 Vedanta Resources buys Zambia's largest copper producer] ]

Operations

The Company's principal operations are located in India, with a major market share in the metals: aluminium, copper, zinc and lead. There are also substantial copper operations in Zambia and Tasmania, Australia. Vedanta's subsidiary Sterlite Industries is one of India's largest mining companies [ [http://www.minesandcommunities.org/Action/press693.htm Vedanta: UK Company Accused of Multiple Violations ] ] while Konkola Copper Mines is the largest mining company in Zambia. [ [http://www.iloveindia.com/economy-of-india/top-50-companies/sterlite-industries.html Sterlite Industries India - Vedanta Group Profile - Sterlite Industries History ] ]

Other subsidiary companies owned by Vedanta Resources include Hindustan Zinc Limited, Bharat Aluminium Company and Madras Aluminium Company. Vedanta Resources also has a major stake in iron ore exporter, Sesa Goa.

Criticism

Vedanta has come under attack from human rights and activist groups due to their operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh that populate this region [http://www.survival-international.org/tribes/dongria] . Many villagers have been displaced in order to accommodate Vedanta’s bauxite refinery and as a result have lost their livelihoods and the ability to live self-sufficiently. India's Supreme Court has banned the company from mining operations in the mountains but accepted an application from Vedanta’s Indian subsidiary, Sterlite to carry out such activities.

References

External links

* [http://www.vedantaresources.com/default.htm Official website of Vedanta Resources]
* [http://www.londonstockexchange.com/en-gb/pricesnews/prices/System/DetailedPrices.htm?ti=VED London Stock Exchange company listing] 88
* [http://www.survival-international.org/home Survival International]


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