Vedanta looking to acquire coal assets in India and overseasFebruary 26th, 2012 - 1:09 am ICT by IANS
Mumbai, Feb 25 (IANS) Vedanta Resources, which announced a major restructuring of its businesses Saturday, said it is looking to acquire coal assets in India and abroad, especially in Latin America.
Coal is the only natural resource missing in the London-listed Vedanta’s portfolio which holds iron ore, zinc, aluminium, copper, oil and gas. The company needs coal for use by subsidiaries that deal in aluminium, zinc smelting and power production.
“We want coal in our portfolio. We are waiting for the government’s plans. Like we have done before by acquiring companies like Balco and Hindustan Zinc, we will participate in these auctions as well,” said Chairman Anil Agarwal.
The Indian government this month issued a notification that said captive coal blocks would be allocated through competitive bidding by fixing a minimum floor price to increase production.
“We have with us in Balco a coal block which we are developing. It will start production this year it has good quality coal as well as size,” Agarwal added.
Agarwal also said the company was scouting coal assets overseas, especially in Latin America.
“We are looking for coal assets in Latin America and if we find that we will take it.”
Agarwal was talking to the media after the board of Vedanta decided to consolidate all its businesses in India and abroad, minus the Zambian Konkola copper mines, into a single entity, Sesa Sterlite, that would create one of the world’s top natural resources companies.
Agarwal said the vision behind merging the assets was to create an Indian giant like BHP Billition of Australia and Rio Tinto in Brazil.
- Vedanta merges units to create India's largest resources firm (Lead) - Feb 26, 2012
- Vedanta to consolidate subsidiaries into single entity - Feb 25, 2012
- Anil Agarwal's 'vedanta' and his $7.9 bn Sterlite group - Aug 24, 2010
- Vedanta enters oil prospecting with $8.5-$9.6 bn Cairn deal (Roundup) - Aug 16, 2010
- Vedanta Aluminium to raise capacity to 2.5 million tonnes - Dec 06, 2011
- Vedanta to pick up majority stake in Cairn India - Aug 16, 2010
- Vedanta to invest another $1.5 bn in Zambia (Lead) - Jan 13, 2010
- Vedanta to invest another $1.5 bn in Zambia - Jan 13, 2010
- Cairn India shares only moderately up day after stake sale - Apr 20, 2011
- Vedanta to pick up majority stake in Cairn India (Lead) - Aug 16, 2010
- Vedanta against bauxite export - Sep 03, 2012
- Chhattisgarh villagers tell Vedanta to give up project - Jan 31, 2011
- Protesters halt BALCO's bauxite shipment - Jan 23, 2011
- Cairn chief meets India's oil minister after Vedanta deal - Aug 17, 2010
- Vedanta companies tumble at bourses after mining ban - Aug 24, 2010
Tags: aluminium, anil agarwal, balco, coal assets, competitive bidding, copper mines, indian government, iron ore, latin america, mumbai, natural resource, natural resources, oil and gas, quality coal, restructuring, rio tinto, sterlite, subsidiaries, vedanta resources, zinc