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<keyword id="99389" type="General" weightage="20" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword> Limited (<keyword id="28423" type="DOMAIN" weightage="100" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="100" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Wednesday said it has further repaid USD 400 million of loans, cutting gross debt to USD 6.4 billion. In a statement, the firm helmed by billionaire <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> said it "has paid all its maturing loans and bonds due in May and June 2023.. "As such, gross debt has further reduced to USD 6.4 billion, a USD 3.3 billion reduction since Vedanta announced its deleveraging ambition in March 2022," it said. CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd's (VRL) near-term debt maturities on a new USD 850 million loan refinancing. "Looking ahead, while we estimate more funds need to be raised to fully fund VRL's estimated USD 2.1 billion of FY24 (April 2023 to March 2024 fiscal year) debt refinancing needs (USD 850 million covered, implying a gap of USD 1.25 billion), we think VRL still has multiple funding avenues to tap onto. These include share pledges and dividend upstreaming," it had said. The firm had last on April 24 stated that it had cut gross debt to USD 6.8 billion after repayments. "Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said Wednesday. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base.. Vedanta's gross debt as of today stands at USD 6.4 billion, down from USD 6.8 billion at the end of April 2023, USD 7.8 billion at the end of March 2023, and USD 9.7 billion at the end of March 2022. It however did not indicate a timeline for reaching zero gross debt. "We remain aware of refinancing risk on VRL's USD 4.1 billion debts due in FY24, for which VRL will likely have to rely heavily on external fundraising for a USD 2.1 billion refinancing and an additional USD 950 million to plug a funding gap. "At this point, we would still lean towards VRL being successful at tying up its USD 2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said. These avenues include pledging of promoter stake in the main operating company Vedanta Ltd and further dividend upstreaming from operating companies. "We also think VRL's timely debt repayments thus far and recent refinancing progress could support lending sentiment," it had said. "We caution of execution risk: VRL's refinancing of the USD 1-1.25 billion loan is not finalised yet and a lack of progress, a failure of refinancing talks, or its inability to tie up the loan for late-FY24 pose downside risks to our recommendation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-unicorn-taxfix-lays-off-120-employees-to-cut-costs/articleshow/100646092.cms">Fintech unicorn Taxfix lays off 120 employees to cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a>

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

<keyword id="7642420" type="General" weightage="50" keywordseo="vedanta-resources-limited" source="Orion">Vedanta Resources Limited</keyword> (<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its <keyword id="66469" type="General" weightage="20" keywordseo="gross" source="Orion">gross</keyword> debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years. "Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement. The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022. "During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/shopping-mall-operators-revenue-to-rise-7-9-this-fiscal-crisil/articleshow/99730844.cms">Shopping mall operators' revenue to rise 7-9% this fiscal: CRISIL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/playstation-5-special-summer-offer-discount-for-all-the-ps5-variants/articleshow/99729513.cms">This could be your last chance to grab a PlayStation 5 at a ₹5000 discount in India</a>

Vedanta Resources cuts gross debt by USD 1 billion

Mining mogul Anil Agarwal-led Vedanta Resources Ltd (<keyword id="1432951" type="General" weightage="80" keywordseo="vrl" source="Orion">VRL</keyword>) has repaid USD 250 million in loans that the company took from <keyword id="120129" type="General" weightage="80" keywordseo="barclays-bank" source="Orion">Barclays Bank</keyword> and <keyword id="127691" type="General" weightage="80" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword>, according to regulatory filings. The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns about its financial position. VRL, the majority owner of Mumbai-listed mining and oil &amp; gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank. "The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and <keyword id="16815402" type="General" weightage="80" keywordseo="welter-trading" source="Orion">Welter Trading</keyword> Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE. However, the said facility has been repaid and the encumbrance released, it said. The company also repaid USD 100 million borrowed from Standard Chartered Bank. "The earlier disclosure was made pursuant to facility agreement... entered into between Twin Star Holding, VRL and Welter Trading (as original guarantors), Standard Chartered Bank (Singapore) Ltd (as original lender), and Standard Chartered Bank (as arranger and agent), for the purposes of availing a facility of an aggregate amount of USD 100,000,000. However, the said facility has been repaid and the encumbrance has been released," another regulatory filing said. Last month, VRL had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. The company had said it has pre-paid all its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Headquartered in London, VRL is a diversified global natural resources company spanning across India, Zambia, Namibia and South Africa. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/about-7-in-10-investors-unable-to-generate-even-benchmark-index-returns-says-samco-nielsen-survey/articleshow/98695748.cms">About 7 in 10 investors unable to generate even benchmark index returns, says Samco-Nielsen survey</a>

Vedanta Resources repays USD 250 million in loans

<keyword id="2735606" type="General" weightage="80" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword> on Friday reported a 40.8 per cent drop in consolidated net profit to Rs 2,464 crore for the third quarter ended December 2022 on higher input costs. The company posted a consolidated net profit of Rs 4,164 crore in the year-ago period, Vedanta Ltd said in a <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> filing. However, the consolidated income of the company in the October-December period increased marginally by 0.4 per cent to Rs 34,818 crore from Rs 34,674 crore a year ago. Vedanta Ltd, a subsidiary of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium and power across India, South Africa and <keyword id="47514" type="General" weightage="20" keywordseo="namibia" source="Orion">Namibia</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/coal-india-to-produce-sand-using-overburden-rocks-likely-to-begin-ops-at-5-plants-by-next-year/articleshow/97375017.cms">Coal India to produce sand using overburden rocks; likely to begin ops at 5 plants by next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-funding-support-liberal-tax-regime-and-other-things-fintechs-expect-from-the-government/articleshow/97373905.cms">Budget 2023: Funding support, liberal tax regime and other things fintechs expect from the government</a>

Vedanta Q3 net profit drops 41% on higher input costs

Diversified natural resources company <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>'s credit profile is not likely to be weighed down by the group's plans to make semiconductors, said S&amp;P Global Ratings. According to the global credit rating agency, <keyword id="99389" type="General" weightage="100" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword>' credit profile will not be weighed down by the group's $20 billion semiconductor manufacturing venture as the investment will be made outside of the company. "The business (semiconductor) will be undertaken in a separate entity under Vedanta Resources' holding company <keyword id="5026635" type="General" weightage="50" keywordseo="volcan-investments-ltd" source="Orion">Volcan Investments Ltd</keyword>," it said. Any potential credit impact of the planned investments in the semiconductor business will depend on the details of the funding plan, which have yet to emerge, the credit rating agency added. "For example, we could watch out for any change in Vedanta Resources' dividend policy, to support servicing of any debt at <keyword id="4055768" type="General" weightage="50" keywordseo="volcan" source="Orion">Volcan</keyword> for the semiconductor business. We believe Vedanta Resources will prudently manage its investments so that it does not put debt servicing at risk," S&amp;P Global Ratings said. According to the credit rating agency, the <keyword id="147780" type="General" weightage="50" keywordseo="vedanta-group" source="Orion">Vedanta Group</keyword>'s investments will also likely happen over a long period of time. "Our rating on Vedanta Resources does not assume any material exposure by the company or its key subsidiary, Vedanta Ltd., to the semiconductor business over the next 12-24 months," it said. Vedanta partnering with Taiwanese group Foxconn recently inked an agreement with Gujarat government to set up a semiconductor venture in the state. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetahs-brought-from-namibia-savour-their-first-meal-in-india-appear-playful/articleshow/94304567.cms">Cheetahs brought from Namibia savour their first meal in India, appear playful</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/enough-wheat-stock-in-india-govt-to-take-action-against-hoarders-if-needed-food-secy/articleshow/94304468.cms">Enough wheat stock in India; Govt to take action against hoarders if needed: Food Secy</a>

Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>'s <keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Oil &amp; Gas on Thursday announced the appointment of <keyword id="10020546" type="General" weightage="90" keywordseo="Nick-Walker" source="Orion">Nick Walker</keyword> as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at <keyword id="9024567" type="General" weightage="50" keywordseo="lundin-energy" source="Orion">Lundin Energy</keyword>, one of the leading European independent E&amp;P companies," it said. Having worked previously in companies like BP, <keyword id="503735" type="General" weightage="50" keywordseo="talisman-energy" source="Orion">Talisman Energy</keyword> and Africa Oil, he has over 30 years of diverse international experience in technical, commercial and executive leadership roles. He will be the sixth CEO of the company since mining billionaire Anil Agarwal-led group bought the company from Scottish explorer Cairn Energy plc, now known as Capricorn Energy plc, in 2011. Walker comes into Cairn Oil &amp; Gas after Prachur Sah quit the firm to join <keyword id="13893871" type="DOMAIN" weightage="20" keywordseo="indus-towers" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="indus towers" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Indus Towers</keyword> Ltd (formerly <keyword id="16136085" type="DOMAIN" weightage="20" keywordseo="bharti-infratel-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="bharti infratel ltd" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Bharti Infratel Ltd</keyword>) as managing director and CEO effective January 3, 2023. Rahul Dhir, the company's first CEO who oversaw its listing and development of India's biggest oil discovery in Rajasthan, quit the company in August 2012. His successor P Elango resigned in May 2014, while the third CEO <keyword id="2565808" type="General" weightage="50" keywordseo="mayank-ashar" source="Orion">Mayank Ashar</keyword> resigned in May 2016. Thereafter, Sudhir Mathur resigned in April 2018. Sah was appointed deputy CEO in October 2020. Announcing the appointment of the new CEO, Anil Agarwal, Chairman, of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, said, "We welcome Nick as the CEO for Vedanta's Cairn Oil &amp; Gas business and look forward to him driving the company's growth in years to come. Nick's global experience and incredible track record in the energy sector will provide the right expertise as Cairn embarks on the next phase of growth and sustainability." Walker will be leading all aspects of Cairn's strategy, including the development of strategic alliances with global partners to fast-track business delivery. He will drive the adoption and deployment of best-in-class oil and gas technologies and processes, with a focus on innovation and digitalization, for business transformation, the statement said. "Cairn Oil &amp; Gas is committed to increasing India's domestic crude oil and gas production with a vision to contribute 50 per cent of India's production and adding reserves and resources. "As one of the fastest developing economies, India is seeking to achieve energy self-sufficiency through a marked reduction in oil imports which currently account for 85 per cent of national consumption," it said. India produced 22.1 million tonnes or 442,000 barrels per day of crude oil during the first nine months of the current fiscal, according to official data available from the <keyword id="1538751" type="General" weightage="50" keywordseo="union-ministry-of-petroleum-and-natural-gas" source="Orion">Union Ministry of Petroleum and Natural Gas</keyword>. Vedanta in a stock exchange filing on January 3, 2023, giving out production numbers, stated that its oil and gas production during the October-December quarter was 144,789 barrels per day. <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword> is a subsidiary of Vedanta <keyword id="4217600" type="DOMAIN" weightage="20" keywordseo="resources-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="resources ltd" meta.entityname="Crest Ventures Ltd." meta.entityid="10512" meta.seoname="crest-ventures-ltd">Resources Ltd</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/government-bullish-on-railway-assets-monetisation-in-union-budget/articleshow/97123879.cms">Government bullish on railway assets monetisation in Union Budget</a>

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

A team of US researchers has found that smartphones are capable of detecting blood oxygen saturation levels down to 70 per cent -- the lowest value a pulse oximeters should be able to measure. The proof-of-principle research by <keyword id="159176" type="General" weightage="80" keywordseo="university-of-washington" source="Orion">University of Washington</keyword> (UW) and University of California San Diego researchers involved participants placing their finger over the camera and flash of a smartphone, which uses a deep-learning algorithm to decipher the blood oxygen levels. When the team delivered a controlled mixture of nitrogen and oxygen to six subjects to artificially bring their blood oxygen levels down, the smartphone correctly predicted whether the subject had low blood oxygen levels 80 per cent of the time. "Other smartphone apps that do this were developed by asking people to hold their breath. But people get very uncomfortable and have to breathe after a minute or so, and that's before their blood-oxygen levels have gone down far enough to represent the full range of clinically relevant data," said co-lead author <keyword id="683620" type="General" weightage="80" keywordseo="jason-hoffman" source="Orion">Jason Hoffman</keyword> from University of Washington. "With our test, we're able to gather 15 minutes of data from each subject. Our data shows that smartphones could work well right in the critical threshold range," <keyword id="317785" type="General" weightage="80" keywordseo="hoffman" source="Orion">Hoffman</keyword> said in the study published in npj Digital Medicine. Another benefit of measuring blood oxygen levels on a smartphone is that almost everyone has one. "This way you could have multiple measurements with your own device at either no cost or low cost," added co-author Dr. <keyword id="591428" type="General" weightage="80" keywordseo="matthew-thompson" source="Orion">Matthew Thompson</keyword>, professor of family medicine in the <keyword id="5362759" type="General" weightage="50" keywordseo="uw-school-of-medicine" source="Orion">UW School of Medicine</keyword>. This would be really beneficial for telemedicine appointments to be able to quickly determine whether patients need to go to the emergency department or if they can continue to rest at home and make an appointment with their primary care provider later. To gather data to train and test the algorithm, the researchers had each participant wear a standard pulse oximeter on one finger and then place another finger on the same hand over a smartphone's camera and flash. The researchers used data from the participants to train a deep learning algorithm to pull out the blood oxygen levels. The remainder of the data was used to validate the method and then test it to see how well it performed on new subjects. "The camera records how much that blood absorbs the light from the flash in each of the three colour channels it measures: red, green and blue," said senior author <keyword id="263472" type="General" weightage="80" keywordseo="edward-wang" source="Orion">Edward Wang</keyword>, assistant professor at <keyword id="429531" type="General" weightage="50" keywordseo="uc-san-diego" source="Orion">UC San Diego</keyword>. The team hopes to continue this research by testing the algorithm on more people. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/odisha-govt-hikes-da-by-3-percent-for-employees-pensioners/articleshow/94306151.cms">Odisha govt hikes DA by 3 percent for employees, pensioners</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/semiconductor-business-not-to-short-circuit-vedanta-resources-credit-profile-sp-global-ratings/articleshow/94306240.cms">Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&amp;P Global Ratings</a>

Smartphone's camera, flash can measure blood oxygen up to 70% at home

The Supreme Court Wednesday dismissed the interim plea of mining major Vedanta Ltd seeking permission to inspect its Sterlite copper unit at <keyword id="6354388" type="LOCATION" weightage="20" keywordseo="tuticorin">Tuticorin</keyword> in Tamil Nadu, which is closed since May 2018 over pollution concerns, and to operate it for four weeks to assess the pollution level. Vedanta had sought handing over of the plant for three months saying it requires two months to start the unit and the company should be allowed to run it for four weeks to ascertain whether its polluting or not. The interim plea by Vedanta was opposed by Tamil Nadu government which claimed before a bench headed by Justice R F Nariman that the plant had been "polluting consistently". Senior advocate A M Singhvi, appearing for the mining major, told the apex court that it is a "case of <keyword id="10367363" type="UNKNOWN" weightage="20" keywordseo="mala-fide-closure">mala fide closure</keyword> of the plant" and Vedanta is producing 36 per cent of copper demand of the country. "Allow us to run (the plant) for four weeks and it can be proved whether we are polluting beyond the point," Singhvi told the bench, also comprising Justices Navin Sinha and K M Joseph. Senior advocate <keyword id="254329" type="PERSON" weightage="20" keywordseo="Colin-Gonsalves">Colin Gonsalves</keyword>, appearing for some villagers who are residing nearby the plant, claimed that the unit should not be allowed to operate as water is getting contaminated there and people are suffering from diseases like cancer. The bench, while holding that interim plea of Vedanta cannot be allowed, said that final hearing in the matter can be heard after physical hearing starts in the apex court. In August, Vedanta had moved the apex court challenging the Madras High Court order refusing to allow reopening of the Tuticorin plant. The high court had upheld the orders of Tamil Nadu Pollution Control Board (TNPCB) directing closure of the unit in May 2018. Vedanta had approached the high court in February 2019, seeking to reopen Sterlite plant which was closed following a May 23, 2018 order issued by the TNPCB in the backdrop of violent protests against the unit which left 13 people dead in police firing on May 21 and 22, 2018. It had filed the petition in the high court as suggested by the Supreme Court, which had on February 18 last year set aside <keyword id="2462566" type="COMPANY" weightage="20" keywordseo="The-National-Green-Tribunal">the National Green Tribunal</keyword> order that allowed opening of Sterlite plant. During the hearing conducted on Wednesday through video-conferencing, Singhvi told the bench that the plant can be allowed to be run on an experimental basis as its closure for over two year is a "huge national wastage". "In 1994, I (Vedanta) got the permission and I started in 1997 and gave employment to around 4,000 people," Singhvi said, adding, "It appears that the respondent (Tamil Nadu) doesn't want to allow its operation". He said 30 recommendations have been made by the central and state pollution control boards. "Closure was ordered on a PIL (public interest litigation). The pollution control boards made 30 recommendations and 29 were complied with and the District Collector had said that emission was within the emissions norms," he said, adding that steps were taken as "knee jerk reactions due to some agitation". Senior advocate C S Vaidayanathan, appearing for Tamil Nadu government, said that the plant has been "polluting consistently and it has only worsened after it was allowed to run" by the apex court earlier "Till such time these findings of high court on pollution are set aside, it cannot be allowed to run," he said. Senior advocate K V Vishwanathan, who also appeared for the state authorities, said Vedanta's plea seeking re-opening of the plant has been rejected eight times by the court. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

SC rejects Vedanta's interim plea to inspect, operate closed Sterlite copper unit at Tuticorin

New Delhi, March 3 () Moody's Investors Service on Tuesday said it has downgraded Vedanta Resources Limited's (Vedanta) corporate family rating (CFR).The rating was downgraded to B1 from Ba3."Moody's Investors Service has downgraded Vedanta Resources Limited's(Vedanta) CFR to B1 from Ba3," it said in a statement.Moody's Corporate Family Ratings (CFR) are opinions on a corporate family's ability to honour all of its financial obligations.The agency said it has also downgraded the rating on senior unsecured bonds issued by Vedanta and those issued by its wholly owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by Vedanta, to B3 from B2.The outlook on all ratings is stable, the statement said."Today's downgrade of Vedanta's ratings was triggered by a sustained deterioration in the company's credit profile, and our expectation that its credit metrics will remain weak for the previous ratings," said KaustubhChaubal, Moody's Vice President and Senior Credit Officer.The agency said the low and volatile commodity price environment will mean that Vedanta's earnings are unlikely improve significantly.Consequently, the company's financial profile will take longer than anticipated to strengthen, it said."The rating actions also reflect Moody's revised view on the treatment of the loan raised in 2018 by Vedanta's sole shareholder, Volcan Investments, for Vedanta's privatization," the statement said.Its earlier analytical approach to assess Vedanta's credit strength was based on the separation of Vedanta and its operating subsidiaries from its shareholder, and the expectation that Volcan will not require Vedanta to service any of its debt obligations."However, we now expect Vedanta to pay an additional dividend towards meeting Volcan's upcoming debt maturity. While we note that the additional dividend will be adjusted towards reducing dividend payments in the next fiscal year, it blurs the separation between the two companies," Chaubal added.The B1 CFR is supported by Vedanta's large scale and diversified low-cost operations that produce a wide range of commodities such as zinc, oil and gas, aluminum, iron ore and power, it said.In addition, the company's strong position in key markets that enable it to command pricing premium and track record of generating stable margins through commodity cycles support its business profile, and are key credit strengths, the statement said.The company has USD 1.9 billion of debt maturing at the holding company, which comprises the USD 670 million bond due in June 2021 and USD 1.2 billion of bank loans that have a staggered maturity. Vedanta's liquidity is weak at the holding company level and Moody's estimates the holding company held cash of less than USD 50 million as of December 31, 2019.The holding company's cash needs until September 2021 include USD 1.9 billion of debt maturities - - USD 670 million bond due in June 2021; Volcan's entire USD 625 million privatisation debt interest expense of USD 500 million and regular dividend payments.Further, the stable outlook incorporates Moody's expectation that Vedanta will upstream cash dividends from its operating subsidiaries to itself to repay debt and complete refinancing for the balance of the holding company debt in a timely manner.However, a delay in completing refinancing at least 12 months prior to the relevant maturity dates will exert negative pressure on the ratings, Moody's said.For the 12 months to September 30, 2019, Vedanta Resources generated revenues of USD 13.7 billion and adjusted EBITDA of USD 3.3 billion. NAM PSK BAL

Moody's downgrades Vedanta Resources' corporate family rating

(Image source- Reuters) <ul><li>Fresh off its acquisition of Electro<keyword id="34570" type="COMPANY" weightage="20" keywordseo="steel">steel</keyword> Steels, Vedanta, a metals and mining behemoth, is moving ahead with plans to set up a steel plant in the Indian state of <keyword id="6360371" type="LOCATION" weightage="20" keywordseo="jharkhand">Jharkhand</keyword>. </li><li>The company could spend as much as $4 billion on the facility, which is expected to have an annual production capacity of 4.5 million tonnes. </li><li><keyword id="445200" type="COMPANY" weightage="20" keywordseo="Electrosteel">Electrosteel</keyword> already has a steel facility in the Bokaro district of Jharkhand which boasts a production capacity of 1.5 million tonnes per annum. Vedanta plans to initially spend $300 million to boost this plant’s capacity to 2.5 million tonnes. </li><li>Vedanta’s new facility, which will be owned by its subsidiary Electrosteel, will also be based in Bokaro and will likely be adjacent to the existing facility. </li></ul>Fresh off its acquisition of Electrosteel Steels, Vedanta, a metals and mining behemoth, is moving ahead with plans to set up a steel plant in the Indian state of Jharkhand. The company could spend as much as $4 billion on the facility, which is expected to have an annual production capacity of 4.5 million tonnes, according to <a href="https://www.livemint.com/Companies/f6jny37UuKQ7GV68VIh99H/Vedanta-to-set-up-steel-plant-in-Jharkhand-for-4-billion.html">media reports</a>. The move is part of Vedanta’s integration of its newly-acquired steel company. Electrosteel already has a steel facility in the Bokaro district of Jharkhand that boasts a production capacity of 1.5 million tonnes per annum. Vedanta plans to initially spend $300 million to boost this plant’s capacity to 2.5 million tonnes. Vedanta’s new facility, which will be owned by its subsidiary Electrosteel, will also be based in Bokaro and will likely be adjacent to the existing facility. Hence, the combined annual capacity of both facilities will be seven million tonnes. The company will likely receive the support of the state and central governments with regards to land acquisitions and the fast-tracking of approvals. The Indian government plans to increase the country’s steel output to <a href="https://www.business-standard.com/article/markets/2018-a-year-of-raw-material-scarcity-insolvency-glut-for-steel-industry-118122100264_1.html">300 million</a> tonnes by 2030, more than double the total production in 2017-2018. Anil Agarwal, the founder and chairman of Vedanta, said that the Bokaro investment would result in the creation of around 120,000 jobs, half of which involve direct employment. The operation of the new plant is expected to commence in three to four years. Vedanta successfully bid for the bankrupt Electrosteel Steels Ltd <a href="https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/nclt-approves-vedantas-bid-for-electrosteel/articleshow/63808596.cms">in April </a>this year, making it one of the first resolutions under India’s new Insolvency and <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> Code. The ₹53.2 billion acquisition proposal dovetailed with the mining company’s plan to expand its manufacturing presence in the steel industry. Vedanta had also bid for the bankrupt Essar Steel, but was beaten by <keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest steelmaker, which submitted an offer of ₹420 billion. While the resolution seems to be mired in <a href="https://www.livemint.com/Companies/JMiXtnLXX1iuqjBTuKP0OK/Yet-another-spanner-in-ArcelorMittals-Essar-Steel-works.html">a number of legal proceedings</a>, ArcelorMittal is banking on the acquisition to help return it to a competitive position in the Indian steel industry. Essar Steel has a facility in Gujarat that is capable of manufacturing 10 million tonnes a year, making it the largest such plant in India. SEE ALSO: <a href="https://www.businessinsider.in/indias-steel-industry-is-set-for-a-shakeup-after-arcelormittal-finally-emerges-as-the-winning-bidder-for-essar-steel/articleshow/66316447.cms">India’s steel industry is set for a shakeup after ArcelorMittal finally emerges as the winning bidder for Essar Steel</a> <a href="https://www.businessinsider.in/arcelormittal-submits-a-higher-bid-for-bankrupt-essar-steel-but-on-one-condition/articleshow/65769020.cms">ArcelorMittal submits a higher bid for bankrupt Essar Steel but on one condition</a>

After buying out the bankrupt Electrosteel, Vedanta is spending billions on a new steel plant in the Indian state of Jharkhand

<a href="http://www.businessinsider.in/searchresult.cms?query=cairn+energy&amp;sortorder=effectivedate">Cairn Energy</a> demanded a compensation of whopping $5.6 billion from the Indian government for raising a <a href="http://www.businessinsider.in/searchresult.cms?query=retrospective+tax+demand&amp;sortorder=effectivedate">retrospective tax</a> demand of Rs 29,047 crore. 
 
The British explorer has filed a claim with an international arbitration panel, seeking withdrawal of the tax demand and declaring India has "failed to uphold its obligations" under the <a href="http://www.businessinsider.in/searchresult.cms?query=UK+India+investment+treaty&amp;sortorder=effectivedate">UK-India Investment Treaty</a> by not giving its investments in the country "fair and equitable treatment." 
 <keyword id="128650" type="COMPANY" weightage="100" keywordseo="Cairn-Energy">Cairn Energy</keyword> has demanded $1.05 billion in compensation for the loss of value its 9.8 per cent shareholding in its erstwhile subsidiary Cairn India suffered following <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">Income Tax Department</a> raising the tax demand in January 2014 and attaching the shares. 
 
The total compensation sought is equal to the tax demand raised and the value of Cairn Energy's 9.8 per cent shareholding in Cairn India. 
Meanwhile, the Indian government will file its 'Statement of Defence' by November and evidential hearing is expected to commence in early 2017, sources said. 
 <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Department had in January 2014 slapped a draft tax assessment of Rs 10,247 crore on Cairn Energy on alleged capital gain it made when it in 2006 transferred its India assets to a new subsidiary, Cairn India and listed the firm. 
 
The British firm sold majority stake in Cairn India to <a href="http://www.businessinsider.in/searchresult.cms?query=vedanta+resources&amp;sortorder=effectivedate">Vedanta Resources</a> in 2011 but still holds 9.8 per cent stake in the company, which was attached by Income Tax Department. 
 
"If Cairn had any idea that India might later change its source rule to impose capital gains tax on routine transfer of shares in non-Indian companies - and retroactively seek to collect an amount of tax that would render the entire IPO transaction value-destructive - cairn would not have undertaken the reorganisation or entrusted its listing to the Indian markets. "It would instead have created a different transactional structure and pursued an IPO on a UK exchange," the British company said in its 'Statement of Claims'. 
 
The company is claiming full compensation for the USD 1 billion value lost following the tax notice and freezing of its 9.8 per cent shares in Cairn India. 
 
Cairn Energy still holds 9.8 per cent in Cairn India which the I-T Department has barred it from selling. 
 
(Image: Thinkstock)

Cairn Energy files claim for $5.6 billion compensation from India over tax demand

In traditional Indian method, sons and daughters of a company’s owner take up top posts and the succession goes on. However, <keyword id="894518" type="UNKNOWN" weightage="100" keywordseo="Vendanta-Group">Vendanta Group</keyword>’s owner Anil Agarwal wants to do away with the system and has planned something else. 
 
The founder of the $12.9 billion Vedanta group wants to appoint professional managers rather than kin to top posts. 
 
"As far as succession goes, I am still in command and I am getting all professional chief executives as I do not want a family member to be chief executive of the company," Agarwal, 61, said in an exclusive interview to Economic Times. 
 
"I believe this company should be run by the people. At the same time, family members also bring in some value,” he said. 
 
The financial daily reported that Agarwal, who rose from being a metal scrap dealer to build India's largest natural resources company in the past five decades, has two children-Agnivesh and Priya. His brothers Navin and Pravin, closely associated with Vedanta, also have two children each. 
 
Agnivesh is chairman of Hindustan Zinc, while Priya has been on the Cairn India board as non-executive director since 2012. 
 
Based in Dubai, Agnivesh runs his own business recovering metal from scrap and also manages group unit Fujairah Gold. The United Arab Emirates is also home to the group's precious metals refinery that can process 50 million tonne of gold and 110 million tonne of silver annually. 
 
Agnivesh also acquired a 60% stake in Chennai-based medical diagnostic chain Primex Healthcare in 2012 in his personal capacity. 
 
Priya has been a public relations professional with Ogilvy &amp; Mather and spearheaded the media campaign that sought to give a more friendly aspect to the controversial resources and mining major. 
 Navin is non-executive director of Vedanta Ltd, a subsidiary of the London-listed <keyword id="99389" type="CITY" weightage="80" keywordseo="Vedanta-Resources">Vedanta Resources</keyword>, of which Anil Agarwal is chairman emeritus. Navin has two sons--Naivedya and Ananya. Pravin Agarwal is a whole-time director of Sterlite Technologies, one of India's largest optic fibre cable makers and based in Pune. His sons Ankit and Pratik run the group's ports and power transmission businesses. 
 
"I don't see world over natural resources companies run by families. Our oil and gas business can be run by shareholders as it has become so big that it need not be run by family members,” said Agarwal. 
 
His mandate is to run the company as chief executive and hire the best managers besides formalising and executing a growth strategy. Such professionals know technology and can look at the bigger picture from the perspective of having run large projects for global natural resources companies. 
 
"They are focused on sustainability, an environment policy and our team learns to run companies professionally," he told ET. "I would like to see Vedanta as a transparent and professionally run company... by the people and for the people." 
 
Agarwal sees this as a natural progression. "I think I am going to work for another five years to make sure it is run professionally. I have lots of other opportunities. A Vedanta veteran said the brothers have worked in harmony to build the business,” he added. 
"Once companies reach a large size, it needs professional leaders. Children are not always competent or interested in taking forward the father's business," Mita Dixit, co-founder and head, family business advisory, Equations Management Consulting told ET. "Shareholders are active and want the company to be run in a transparent manner to deliver results... It is prudent to have someone with relevant experience and expertise to run the show." 
 
(Image: Indiatimes)

Anil Agarwal, Vedanta Group's owner, chooses professional managers over kin for top posts

Mining conglomerate <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> Ltd on Tuesday reported 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for June quarter FY25 due to improved margins and robust cost reduction across all operations. The company had posted a net profit of Rs 2,640 crore in the year-ago period. Income rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing. Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors. The company said that its board has approved a capex investment of USD 270 million for its oil and gas business. "The strategic priority for the Cairn Oil &amp; Gas business is to augment reserves and increase near term volume through infill wells and enhanced oil recovery. In order to deliver this, the Board has approved capex investment (net) of USD 270 million across fields in the Rajasthan block for drilling wells and construction of surface facility for ASP ( Alkaline Surfactant Polymer) injection," the company said in a separate filing. Vedanta Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations. "Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost," he said. The company's growth projects are well on track and it remains committed to commission the majority of these projects in FY25. "Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead," he added. Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta's... QIP...underscores investors' huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality." The company's gross debt stood at Rs 78,016 crore as on June 30, 2024. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

You Searched For "vedanta resources" and got 14 results

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

PTI

Vedanta Resources cuts gross debt by USD 1 billion

PTI

Vedanta Resources repays USD 250 million in loans

PTI

Vedanta Q3 net profit drops 41% on higher input costs

PTI

Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

IANS

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

PTI

Smartphone's camera, flash can measure blood oxygen up to 70% at home

IANS

SC rejects Vedanta's interim plea to inspect, operate closed Sterlite copper unit at Tuticorin

PTI

Moody's downgrades Vedanta Resources' corporate family rating

PTI

After buying out the bankrupt Electrosteel, Vedanta is spending billions on a new steel plant in the Indian state of Jharkhand

Dilsher Dhillon

Cairn Energy files claim for $5.6 billion compensation from India over tax demand

BI India Bureau

Anil Agarwal, Vedanta Group's owner, chooses professional managers over kin for top posts

BI India Bureau

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

PTI

These are the top 25 richest people in Britain

BI India Bureau

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