VEDL

April 3 (Reuters) - Vedanta Ltd VDAN.NS:

• Q4 ZINC INDIA MINED METAL PRODUCTION UP 2% YOY

• STEEL SALEABLE PRODUCTION IN Q4 INCREASED 9% QOQ

• RECORD ANNUAL ALUMINA PRODUCTION UP 48% YOY AT 2,916 KT; ALUMINIUM AT 2,456 KT

• Q4 TOTAL ALUMINIUM PRODUCTION UP 2%

Further company coverage: VDAN.NS

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March 30 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - SAYS STRATEGIC OPPORTUNITIES UNDER EVALUATION ARE EXPLORATORY AND PRELIMINARY

• VEDANTA - NO BINDING DECISIONS, DEFINITIVE AGREEMENTS, MATERIAL DEVELOPMENTS THAT REQUIRE DISCLOSURE

Source text: ID:nBSE3JZFNW

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds details from the report and background

March 28 (Reuters) - India's Vedanta VDAN.NS will break up into five listed companies early next month under a years-long restructuring programme aimed at reducing debt, the Financial Times reported on Saturday, citing an interview with Chairman Anil Agarwal.

A tribunal approved the oil-to-metals conglomerate's plan to split into five listed entities in December.

After the demerger, the company will operate as Vedanta Limited, housing its base metals business. Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy will be the four other entities.

The combined market capitalisation of the five companies would be much higher than the conglomerate's current $27 billion, Agarwal told FT.

A private parent company controlled by Agarwal will retain about half of the shares in each of the new entities, he said.

The plan, first floated in 2023, was opposed by the government which feared a break-up would hinder its ability to recover money owed.

Chief Financial Officer Ajay Goel, in an interview to Reuters in January, said Vedanta aims to list the four planned demerged units on Indian exchanges by the middle of May.

(Reporting by Preetika Parashuraman in Bengaluru; Editing by Christopher Cushing)

((Preetika.Parashuraman@thomsonreuters.com;))

March 23 (Reuters) - Vedanta Ltd VDAN.NS:

• DIVIDEND OF 11 RUPEES PER SHARE

• INTERIM DIVIDEND AMOUNTING TO 43 BILLION RUPEES

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

** Asian Energy Services ASIE.NS rises 3.6% to 279.8 rupees

** Energy and metal industry service provider says Vedanta VDAN.NS has extended validity of operation and maintenance contract of oil and gas processing facility, offshore platforms in Gujarat by another year

** YTD, ASIE down ~1.3%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

March 16 (Reuters) - Asian Energy Services Ltd ASIE.NS:

• EXTENSION OF OPERATION & MAINTENANCE CONTRACT BY VEDANTA

• O&M CONTRACT EXTENDED BY 1 YEAR TO MAR 31, 2027

Source text: ID:nBSE3bNmxW

Further company coverage: ASIE.NS

((Reuters.Briefs@thomsonreuters.com;;))

.

March 14 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has secured a coking coal mining project in Mozambique, the company said in a statement late Friday, to ensure long-term supply of the key input for steel production.

The Mozambique project has 850 million metric tons of coking coal reserves and the mine will be developed in phases, as per the company statement.

"The first phase expected to be developed over the next two and a half years to produce 2.4 million tons per annum prime hard coking coal," the company said.

(Reporting by Shivangi Acharya; Editing by Stephen Coates)

((shivangi.acharyaHritam.Mukherjee@thomsonreuters.com))

MUMBAI, March 13 (Reuters) - India's Vedanta VDAN.NS has accepted bids worth 25.75 billion rupees ($278.5 million) for three-year bonds, three bankers said on Friday.

The company will pay an annual coupon of 8.95% on this issue and had invited bids on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 13

*Size includes base plus greenshoe for some issues

($1 = 92.4540 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

((Dharamraj.dhutia@tr.com))

MUMBAI, March 12 (Reuters) - India's Vedanta VDAN.NS plans to raise 30 billion rupees ($324.97 million) through a sale of three-year bonds, three bankers said on Thursday.

The company will pay an annual coupon of 8.95% on this issue and has invited bids on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 12:

*Size includes base plus greenshoe for some issues

($1 = 92.3150 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

((Dharamraj.dhutia@tr.com))

By Chris Mfula and Olivia Kumwenda-Mtambo

LUSAKA, March 10 (Reuters) - Zambia is courting global investors, including from the United States, as it aims to more than triple its copper output to 3 million metric tons by 2031, its mines minister said on Tuesday.

Africa's second-largest copper producer after Democratic Republic of Congo is seen as one of the countries Washington is keen to partner with as the U.S. escalates efforts to loosen China's grip on materials crucial to advanced manufacturing.

Zambia produced 890,346 tons of copper last year, missing an annual target of 1 million tons. The red metal is a key material in electric vehicles and renewable energy infrastructure vital for the transition to a low-carbon economy.

Zambian Mines Minister Paul Kabuswe said investment talks extend to various countries as part of a broader strategy to meet the 2031 target.

"The U.S. is part of it," he said, without providing details of specific discussions.

Negotiations between Lusaka and Washington are also underway for a more than $1 billion health aid deal that health advocates have warned links the money to mining access and has data-sharing risks.

HAS TO BE A WIN-WIN SITUATION FOR ZAMBIA AND INVESTORS

"There is nothing linked to anything," Kabuswe told Reuters when asked whether U.S. health funding will be linked to mining collaboration, adding: "Zambia is very mindful when seated on the table to do negotiations over any matter."

Kabuswe emphasized the importance of fair deals, adding that "investors must also take their share". "It has to be a win-win situation for Zambia and for the investors," he said.

In addition to copper, Zambia is also rich in cobalt, nickel, manganese, graphite, lithium and rare-earth elements.

Mining firms operating in Zambia include China's JCHX Mining 603979.SS, Canada's Barrick Gold ABX.TO and First Quantum Minerals FM.TO, India's Vedanta Resources VDAN.NS, United Arab Emirates' International Resources Holding and KoBold Metals, which is backed by U.S. investors.

(Writing by Olivia Kumwenda-Mtambo; Editing by Alexander Smith)

((Olivia.Kumwenda@thomsonreuters.com; +27 10 346 1084;))

March 2 (Reuters) - Vedanta Ltd VDAN.NS:

• DECLARED PREFERRED BIDDER FOR KARNAPODIKONDA BAUXITE BLOCK IN ODISHA

Source text: [ID:]

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;;))

** India's metals and mining company Vedanta's shares VDAN.NS rise as much as 5.36%, topping the metal index .NIFTYMET, which is up 2.3%

** VDAN shares last up 4%

** Move follows BofA Securities upgrading Vedanta to "buy" from "neutral"

** BofA also raises its price target to 840 rupees from 480 rupees, implying about 21% upside versus Tuesday's close

** Brokerage cites a bullish aluminium view, supportive silver prices, and an estimated 6% dividend yield from fiscal year 2027 as key positives

** Raises FY2026–FY2028 operating profit estimates by 16%–21%, reflecting higher aluminium forecasts and USD/INR depreciation assumptions

** Brokerage says Vedanta's stake in unit Hindustan Zinc HZNC.NS is worth more than previously estimated

** Vedanta is up ~19.4% in 2026 to date, outpacing the metal index's ~10.6% gain

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Feb 20 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - TO HOLD MEETING ON FEB 25 FOR DEBENTURE ISSUANCE

Source text: ID:nBSE73kHRS

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

By Hritam Mukherjee and Neha Arora

NEW DELHI, Jan 30 (Reuters) - Oil-to-metals conglomerate Vedanta Ltd VDAN.NS aims to list its four planned demerged units on Indian exchanges by mid-May, its finance chief said.

The natural resources group is nearing the end of a planned restructuring, which won approval from India's company law tribunal in December after initial government pushback.

"We intend to make (the) demerger effective from April 1, and it will take maybe four to six weeks, so mid of May all the five companies will get listed," Vedanta Ltd. Chief Financial Officer Ajay Goel said in an interview late on Thursday.

Indian newspaper Mint reported that the company first flagged the timeline on Thursday during a call with analysts.

Vedanta's restructuring will spin off four businesses - steel and ferrous metals, oil and gas, aluminium, and power - into separately listed companies, while its base metals unit will remain with the parent.

First announced in 2023, the plan was designed to support growth as its UK-based parent Vedanta Resources carried heavy debt, which it has since reduced significantly.

Goel also said U.S. President Donald Trump's move last year to double tariffs on aluminium imports to 50% has been of "insignificant" impact on the company, offset by strong domestic demand in India.

Shares of Vedanta dropped over 5% on Friday, tracking weaker global prices. MET/L

(Reporting by Hritam Mukherjee and Neha Arora; Editing by Nivedita Bhattacharjee)

((mailto: hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))

Adds details and context from paragraph 3

Jan 29 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS reported a rise in third-quarter profit on Thursday on strong base metal prices.

The Mumbai-based miner's consolidated net profit rose to 57.10 billion rupees ($621 million) in the quarter ended December 31 from 35.47 billion rupees a year ago.

Aluminium prices were supported as Chinese producers faced higher costs amid winter power curtailments and tighter environmental rules across the supply chain, analysts at Elara Capital said in a research note.

Lower inventories and production disruptions in major producer China are expected to keep aluminium prices firm in the near term, the brokerage added.

The benchmark three-month aluminium CMAL3, zinc CMZN3, and copper CMCU3 on the London Metal Exchange rose 11.8%, 5.3%, and 21% on-year, respectively, in the reporting quarter.

Higher commodity prices tend to support selling prices and margins for mining companies.

Vedanta's operating profit margin rose to 27% from 22%.

Revenue from Vedanta's aluminium segment rose 10.2%, while its combined zinc and lead India segment rose 16%. The copper segment improved by 48.9%.

Vedanta's aluminium business is the biggest in India by production volume, and contributes to nearly 40% of the company's revenue.

Earlier this month, Vedanta's subsidiary Hindustan Zinc HZNC.NS posted a higher third-quarter profit on strong silver and zinc prices.

($1 = 91.9510 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

Jan 27 (Reuters) - Vedanta Ltd VDAN.NS:

• APPROVED THE SALE OF 1.59% STAKE IN HINDUSTAN ZINC

• APPROVED SALE OF SHARES OF HINDUSTAN ZINC REPRESENTING 1.59% EQUITY SHARE CAPITAL VIA OFFER FOR SALE

• APPROVED SALE OF UPTO 67 MILLION EQUITY SHARES OF HINDUSTAN ZINC LIMITED

Source text: ID:nBSE81MY0s

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 19 (Reuters) - India's Hindustan Zinc HZNC.NS reported a 46.2% jump in third-quarter profit on Monday, driven by record-high silver prices, as well as higher zinc prices, amid resilient demand.

India's top refined zinc producer said its consolidated net profit rose to 39.16 billion rupees ($430.6 million) in the quarter ended December 31 from 26.78 billion rupees a year earlier.

Prices of spot silver XAG= soared 52.6% in the final quarter of 2025, underpinned by robust investment inflows and persistent supply constraints, while benchmark zinc prices in London CMZN3 rose 5.3%.

Hindustan Zinc's shares closed 3.6% higher after the results. Earlier in the day, HSBC delivered a ratings upgrade after it forecast earnings upside from higher zinc and silver prices.

"Zinc and lead prices are forecast to stay resilient despite some nominal surplus," the company said in an exchange filing.

A unit of oil-to-metals conglomerate Vedanta, Hindustan Zinc is the world's third-largest silver producer and the largest integrated silver player in India, which is the world's biggest consumer of the metal.

Demand for the precious metal shot up in the festive quarter in the South Asia country as consumers looked to silver as an investment alternative for gold after prices hit multiple record highs.

The company, which commands roughly three-fourths of India's zinc market, reported total revenue from operations jumped 27.5% to 109.80 billion rupees.

Its mined and refined metal production grew 4% each on-year, the highest ever logged in the October-December quarter.

($1 = 90.9400 Indian rupees)

(Reporting by Urvi Dugar and Anuran Sadhu in Bengaluru; Editing by Subhranshu Sahu and Janane Venkatraman)

((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))

MUMBAI, Jan 15 (Reuters) - Foreign companies have often complained about tax uncertainty in India and prolonged litigation related to alleged duty evasion on imports or levies payable on big M&A transactions.

Here are some of the most high-profile tax cases in India.

TIGER GLOBAL

India's top court on January 15 ruled that Tiger Global is subject to taxes on its $1.6 billion sale of a stake in Indian e-commerce firm Flipkart to Walmart WMT.O in 2018.

It will serve as a landmark ruling on companies' use of international tax treaties, and how India taxes cross-border deals.

Tiger Global had claimed tax exemption under India–Mauritius tax treaty, but the Supreme Court ruled the transaction was designed as an "impermissible tax avoidance arrangement".

KIA

South Korea's Kia has been accused of dodging $155 million in taxes by misclassifying car component imports, but the company is contesting the charge privately with officials.

At the heart of the dispute lie Kia's imports of parts of a car in separate shipments to assemble the vehicles in India, paying a lower tax applicable, circumventing the higher tax outgo when parts come together as a CKD, or a completely knocked down unit, of a car.

VOLKSWAGEN

In a case similar to the Kia one, Volkswagen VOWG_p.DE has sued Indian authorities in a Mumbai court after being slapped with a $1.4 billion tax notice for importing parts related to its 14 models, including some Audi ones, instead of classifying them as CKD.

The German automaker's court challenge states that India's "impossibly enormous" tax demand will hit its investment in the country, and foreign investor sentiment.

VODAFONE

In one of the most controversial cases, Vodafone VOD.L was slapped with a $2 billion tax demand when it purchased Indian assets of Hutchison Whampoa in an $11 billion deal in 2007.

The dispute caused years-long litigation including a ruling in the company's favour by India's top court, followed by a change of law which reimposed the demand and international arbitration between the sides. Vodafone won the arbitration case in 2020.

CAIRN ENERGY

Britain's Cairn Energy faced a more than $1.4 billion tax demand over the transfer of shares during an internal reorganisation in 2007.

In 2011, Cairn Energy sold its majority stake in Cairn India to Vedanta Ltd, reducing its share in the Indian company to about 10%.

The Indian administration and Cairn India settled the years-long dispute in 2021 by offering to refund the tax amount.

PERNOD RICARD

French liquor giant Pernod Ricard PERP.PA has been accused by Indian authorities of undervaluing certain imports for more than a decade to avoid full payment of duties.

India is demanding roughly $250 million in back taxes but the maker of Chivas Regal and Absolut vodka has contested the findings. The dispute is pending.

In 2022, Pernod warned Prime Minister Narendra Modi's administration that its long-running tax disputes with authorities on valuing liquor imports have inhibited new investment and its current business.

BYD

Chinese automaker BYD has been accused by Indian authorities of underpaying $8.37 million on parts for cars it assembles and sells in India.

BYD later deposited the demand but the probe is still ongoing and could lead to additional tax charges and penalties, Reuters has reported.

(Reporting by Dhwani Pandya and Arpan Chaturvedi; Editing by Aditya Kalra and Ed Osmond)

((Arpan.Chaturvedi@thomsonreuters.com;))

** Shares of Vedanta VDAN.NS rise 5.3% to hit a record high of 671 rupees

** Indian metal stocks gain, tracking a rise in copper and gold prices to record high levels on lingering supply concerns MET/L

** Nifty metal index .NIFTYMET up 1.83%, VDAN second-biggest gainer on index

** Nuvama ("buy") hikes PT on VDAN to 806 rupees from 686 rupees earlier, a Street high; PT hike 26% upside from last close

** Brokerage says PT hike factors in value unlocking amid demerger by raising valuation multiple for aluminium segment, valuing steel & iron ore business at replacement cost and raising power vertical's value

** Sees the entire demerger process and listing of all companies by Q1 FY27

** Expects EBITDA compound annual growth rate of 20% over FY25-28E amid higher commodity prices

** VDAN rated "buy" on avg by 13 analysts; median PT at 582.50 rupees - data compiled by LSEG

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))

Jan 9 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - NCLT MUMBAI APPROVES COMPANY PETITION FILED BY TSPL

• VEDANTA - SANCTION GRANTED TO SCHEME OF ARRANGEMENT BETWEEN VEDANTA ENTITIES INCLUDING TALWANDI SABO POWER, MALCO ENERGY

Source text: ID:nNSEby6HYc

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 8 (Reuters) - Vedanta Ltd VDAN.NS:

• CLARIFIES REPORT "DELHI HC AGREES TO EXAMINE GOVERNMENT'S REFUSAL TO EXTEND VEDANTA'S CONTRACT"

• HIGH COURT ISSUED NOTICE TO GOVERNMENT, OTHERS ON VEDANTA CONTRACT EXTENSION

Source text: ID:nnAZN4RSTMM

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

Dec 31 (Reuters) - Vedanta Ltd VDAN.NS:

• RECEIVES TAX PENALTY OF 546.2 MILLION RUPEES

Source text: ID:nNSE8j8yKF

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;;))

Dec 11 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - DECLARED AS SUCCESSFUL BIDDER IN RESPECT OF GENJANA NICKEL, CHROMIUM AND PGE BLOCK

Source text: ID:nnAZN4RD90A

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;))

By Gopika Gopakumar

MUMBAI, Nov 19 (Reuters) - Creditors of India's Jaiprakash Associates JAIA.NS unanimously backed Adani Enterprises' ADEL.NS 135-billion-rupee ($1.53 billion) takeover proposal for the bankrupt infrastructure group, preferring it over Vedanta's bid, two officials familiar with the matter said.

Creditors, mostly Indian banks, opted for Adani's bid over Vedanta's VDAN.NS higher 170-billion-rupee offer because it included larger upfront payments preferred by stakeholders, the officials said on Wednesday, declining to be named as the matter is private.

Besides Adani and Vedanta, other bidders included Dalmia Bharat DALB.NS, Jindal Power JDPO.BO and PNC Infratech PNCI.NS. Controlling shareholder Manoj Gaur had also submitted a last-minute bid, which was later withdrawn, said one of the officials said.

Jaiprakash Associates, once one of India's largest infrastructure conglomerates, owes creditors 550 billion rupees. Insolvency proceedings under India's bankruptcy laws were initiated last June, making it one of the largest ongoing bankruptcy cases in the country.

Vedanta's bid entailed a five-year payment timeline, significantly longer than the 1.5-2 years proposed by Adani, swaying creditor preferences, one of the officials said.

"Creditors have voted in favor of Adani. Now the committee of creditors will take a final decision, likely reaffirming this outcome, and submit it to the National Company Law Tribunal (NCLT)," one of them added.

The National Asset Reconstruction Company (NARCL), which acquired Jaiprakash's loans from a lender consortium led by State Bank of India SBI.NS, leads the list of claimants in the ongoing resolution process.

Emails sent to Adani Enterprises, Vedanta and NARCL were not immediately answered.

($1 = 88.5350 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Sonia Cheema)

((Gopika.Gopakumar@thomsonreuters.com;))

Oct 27 (Reuters) - India's markets regulator has put Sterlite Electric's STET.BO, the initial public offering (IPO) on hold, according to an update on the regulator's website on Monday.

The company, part of mining and metals conglomerate Vedanta Group, filed draft papers for the IPO in early October. The offering included a fresh issue of 7.8 million shares, along with an equal number of shares to be sold by existing shareholders.

The Securities and Exchange Board of India (SEBI) did not specify a reason for the decision, and Vedanta Group did not immediately respond to Reuters' request for comment.

India's IPO market has been booming, with more than 240 large and mid-sized companies raising $10.5 billion in the first nine months of 2025, making the South Asian nation the world's third-largest market for IPO fundraising, according to LSEG data.

The country's equity market is set to raise up to $8 billion through IPOs in the October to December period.

(Reporting by Nishit Navin; Editing by Janane Venkatraman)

((Nishit.Navin@thomsonreuters.com;))

Sept 30 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - EXTENDS TIMELINE FOR SCHEME OF ARRANGEMENT CONDITIONS TO MARCH 31, 2026

• VEDANTA - TIMELINE EXTENDED FOR SCHEME OF CO, VEDANTA ALUMINIUM METAL, TALWANDI SABO POWER

Source text: ID:nBSE9m60Ft

Further company coverage: VDAN.NS

(Reuters.Briefs@thomsonreuters.com)

By Clara Denina

LONDON, Sept 19 (Reuters) - The Singapore Police Force is reviewing a complaint by short seller Viceroy Research that natural resources conglomerate Vedanta Ltd VDAN.N improperly funded its 2024 dividend, documents viewed by Reuters show.

Vedanta Ltd told Reuters it had paid all dividends in full compliance with applicable laws, calling Viceroy's allegations "baseless".

"We maintain that the allegations in the short seller's dubious 'reports' are malicious and ill-informed, and the company unequivocally rejects them," the company said.

It added that no SPF investigation was under way and it had not been contacted by Singapore police. Vedanta previously rejected separate earlier accusations made by Viceroy in July.

The SPF declined to comment on the matter when contacted by Reuters.

ALLEGATIONS OF BOOSTED DIVIDENDS

India-based Vedanta Ltd specialises in the exploration, extraction and processing of minerals, along with oil and gas.

In an August 7 letter to the SPF, seen by Reuters, U.S.-based Viceroy alleged the company propped up its dividend by using a $900 million loan from Oaktree Capital Management.

Viceroy said Vedanta Ltd, which is valued at roughly $20 billion, used the loan and accounting tricks to make its reserves look bigger on paper and make a payout to investors that was not backed by real cash earnings. It later repaid the loan and reversed write-offs through entities domiciled in Singapore.

Viceroy stated that its conclusions are primarily drawn from publicly available reports, forensic analyses of Vedanta Ltd's filings and site visits to its assets.

In an email seen by Reuters, the SPF replied to Viceroy's complaint, assigning it a reference number indicating it was reviewing the matter.

UK-based Vedanta Resources owns 56% of Vedanta Ltd, while the rest is held by institutional shareholders.

In July, Viceroy published a report saying it had taken a short position against the debt of Vedanta Resources, alleging that the British firm was "systematically draining" its Indian unit, which Vedanta Ltd disputed.

It also alleged that Vedanta Ltd's dividend policy serves its parent's financing needs, not its own cash flow, adding that billions of dollars in disputed expenses were hidden off its balance sheet.

A spokesperson for the Indian firm said at the time that the report was "a malicious combination of selective misinformation and baseless allegations."

Vedanta Ltd has been under pressure since India's government objected to a demerger plan into four separate entities launched by Chairman Anil Agarwal in 2023, after an unsuccessful attempt to take the group private three years earlier.

As part of the plan, Vedanta Resources said last year it would focus on cutting its debt pile, bringing net debt down by $1.2 billion to $11.1 billion in fiscal 2025.

(Reporting by Clara Denina; Additional reporting by Florence Tan Editing by Veronica Brown and Joe Bavier)

((Clara.Denina@thomsonreuters.com;))

Sept 18 (Reuters) - Vedanta Ltd VDAN.NS:

• DECLARED AS 'PREFERRED BIDDER' FOR PUNNAM MANGANESE BLOCK

Source text: ID:nBSE2yk6b3

Further company coverage: VDAN.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Sethuraman N R and Neha Arora

NEW DELHI, Sept 16 (Reuters) - Indian mining and metals conglomerate Vedanta Ltd VDAN.NS will continue to rely on coal as its primary energy source for mining operations while aiming to increase the share of renewable sources in its energy mix, a top executive said on Tuesday.

Coal accounts for nearly 70% of Vedanta’s energy mix, Deshnee Naidoo, chief executive officer of Vedanta Resources, said in an interview on the sidelines of FT Live Energy Transition Summit India.

"Coal will be, for us in Vedanta, the baseload contributor," Naidoo said.

The company, however, plans to raise the share of renewable energy in its operations by reducing its dependence on coal-based power to around 50–60% over the next three to four years, Naidoo said.

Vedanta is targeting a shift towards non-fossil sources, including solar, wind and hybrid models, to support its decarbonisation goals.

The company is exploring similar energy transitions in its overseas operations.

In Zambia, where Vedanta faces up to 20 hours of daily power cuts, it plans to build a 300-megawatt power facility - split equally between coal and renewables - to support its mining expansion.

ZAMBIA COPPER UNIT, LITHIUM MINING

Vedanta Resources has restored copper production at its Zambian unit to around 180,000-200,000 metric tons, levels last seen in 2018, Naidoo said. The company aims to ramp up output to 300,000 metric tons over the next three years.

"We're absolutely in production," the executive said.

However, the company does not have a timeline for listing the unit, Naidoo said.

Back in India, the company has no plans to venture into lithium mining, Naidoo said, adding that the country is yet to showcase its exploration potential.

(Reporting by Sethuraman NR; Editing by Jacqueline Wong)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))