It is a wholly owned subsidiary of Sterlite Technologies Limited. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite Ltd (now Vedanta Limited). Sterlite is an innovation powerhouse in next-gen technologies like 5G, AI , FTTx and Analytics. [16] and in 2010, it acquired Anglo-American's portfolio of Zinc assets in South Africa, Namibia and Ireland. [17], In 2011, Vedanta acquired 58.5% controlling stake in Cairn India, the India's largest private sector Oil & Gas company[18][19] and in 2013, Sterlite Industries and Sesa Goa announced a merger. This lawsuit was settled in Jan 2010.[17]. The area has been the traditional habitat of two particularly vulnerable tribal groups, the Dongria Kondh and the Kutia Kondh. Through an asset flip model, Sterlite Power transfers fully operational assets to the Trust and redeploys the capital for developing new assets. [4][5] It has also developed commercial power stations in India in Odisha (2,400 MW) and Punjab (1,980 MW). [36] The Niyamgiri hills are also claimed to be an important wildlife habitat in Eastern Ghats of India as per a report by the Wildlife Institute of India[37] as well as independent reports/studies carried out by civil society groups. According to Amnesty International, local people reported dust, allegedly from the plant, settling on clothes, crops and food. The company, however, did not disclose the deal value. "Sterlite Global Venture (Mauritius) Ltd, a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8 per cent stake (on issued and outstanding basis) in ASOCS, a … Copper: Vedanta limited operates the largest copper smelter In India, in Tuticorin. Also get to know the Latest Financials, News, Research Reports, Recommendations and much more.. [48], In respect of bauxite mines at Lanjigarh, Orissa, public interest litigations were filed in 2004 by Indian non-government organisations led by the People's Union for Civil Liberties to the supreme court sub-committee regarding the potential environmental impact of the mines. [35], Vedanta has been criticised by human rights and activist groups, including Survival International, Amnesty International and Niyamgiri Surakshya Samiti because of the company's operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh people who populate this region. Sterlite has a call option to acquire the government of India's remaining ownership interest. Sterlite Power Grid commissions first 765 kV transmission project in private sector. DR. ANAND AGARWAL Group CEO And Whole-Time Director. [14][15], In 2008 Vedanta bought certain of the assets of Asarco, a copper mining business, out of Chapter 11 for US$2.6 billion. We all did. In early 2016, due to local protests related to environment pollution, the plant was temporarily shut down by the Tamil Nadu state government. "[51], Vedanta responded by expressing disappointment at the church's actions, and that it is "fully committed to pursuing its investments in a responsible manner, respecting the environment and human rights". In the same year the company's two wholly owned subsidiaries namely Sterlite Telecom Ltd and Sterlite Telelink Ltd had merged with the Parent Company.In the year 2006-2007 the company has increased the installed capacity for Copper Telecom Cables by 2000000 CKM to 9500000 CKM for Fiber Optic Cables by 822528 FKM to 3222528 FKM and for Broadband Access Networks they increase the … 324 cr", "Sterlite Industries charged for evading duty", "IT department sells $216 mn Cairn Stake in Vedanta", Timeline of the electricity supply industry, Department for Business, Energy and Industrial Strategy, Department for Environment, Food and Rural Affairs, Climate Change and Sustainable Energy Act 2006, Centre for Renewable Energy Systems Technology, Hadley Centre for Climate Prediction and Research, Association for the Conservation of Energy, Double Glazing & Conservatory Ombudsman Scheme, https://en.wikipedia.org/w/index.php?title=Vedanta_Resources&oldid=998165664, Non-renewable resource companies established in 1976, Companies listed on the London Stock Exchange, Gold mining companies of the United Kingdom, Iron ore mining companies of the United Kingdom, Companies listed on the New York Stock Exchange, Articles with dead external links from December 2018, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 4 January 2021, at 03:40. Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.. Overview. Sterlite Power, a power transmission infrastructure company, acquired the SPV on 26 June from PFC Consulting, a subsidiary of Power Finance Corporation. [41], The NGO Amnesty International has also criticised the company's record on human rights. Vedanta Resources Limited is a global diversified metals and mining company with its headquarters in London, England. [12], In 2006 Vedanta acquired Sterlite Gold, a gold mining business,[13] and in 2007, Vedanta Resources bought a 51% stake in Sesa Goa, India's largest producer-exporter of iron ore, and the company became listed on NYSE with a US$2 billion ADS issue. Under his leadership, the Company has grown from an optical-fiber manufacturer to one of the leading global providers of products, solutions, and services for telecom and power industries. The sub-committee has found "blatant violations" of environmental regulations and grave concerns about the impact of the Niyamgiri mine on both the environment and the local tribal population. [28] Originally founded as Sesa Goa, a Portuguese company, Sesa Goa was purchased by Vedanta (then known as Sterlite industries) in the 1990s. Vedanta Alumnimum Limited, Lanjigarh, Dist: Kalahandi, "UK Government blasts Vedanta for mistreatment of Oriya tribals", "I drank the water and ate the fish. The Company installs and operates electricity transmission projects, as well as manufactures power cables and conductors. It showed a reading of 2939.55 mg/cubic metre against the prescribed limit of 1250 mg/ cubic metre more people where affected by cancer and other breathing disorders but the Indian government did not take any action. [39] The Union Environment Ministry in August 2010 rejected earlier clearances granted to a joint venture led by the Vedanta Group company Sterlite Industries for mining bauxite from Niyamgiri hills. Sterlite owns 100.0% of CMT and has management control of the company. It has 425[5] patents and is active in over 150 countries. [20] In June 2018, Vedanta acquired 90% stake in Electrosteel Steels, a steel producer. [31] The initiatives were undertaken in partnership with the government and non-governmental organizations (NGOs). [45], Unsafe mining operations led to 18 deaths and 1,256 injuries involving own employees and contractors in 2007. It has also stated that their plant does not pump any water into the sea, due to … [24], Copper Mines of Tasmania: CMT is headquartered in Queenstown, Tasmania. NARAYANASWAMY Non-Executive And Independent Director [57] Based on a panel report, the government of India has served a show cause notice on the company on why its Stage I environment clearance should not be cancelled. PFC Consulting Ltd (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation (PFC), the non-banking finance company … Sterlite Power is a leading global developer of power transmission infrastructure, with projects of over 12,500 circuit kms and 20,500 MVA in India and Brazil. [6], The company is primarily owned by the family of Anil Agarwal through Volcan Investments, a holding vehicle with a 61.7% stake in the business. [58], In October 2017, London's Court of Appeal ruled that nearly 2,000 Zambians can sue Vedanta in English courts over alleged pollution of their village. New Delhi: Transmission solutions provider Sterlite Power on Friday said it has acquired Vapi II North Lakhimpur Transmission Limited (VNLTL), a special purpose vehicle, from state-owned PFC Consulting. He was ranked 25th in the Hurun India Rich List with a personal fortune of ₹12,316 crore. RESTRUCTURING: SterliteTechnologies Limited essentially operates in two distinct sectors — that is Telecom and Power. To give a boost to Indian government make in India initiative, STL recently invested in 5G assembling an ecosystem of partners. HZL's equity shares are listed and traded on the NSE and BSE. Vedanta officials claimed there was no dust pollution from the plant at all. [9] In 1979 he acquired the Shamsher Sterling Corporation (subsequently renamed Sterlite Industries), a manufacturer of power and control cables. [49], In February 2010, the Church of England decided to disinvest from the company on ethical grounds. [11] It was first listed on the London Stock Exchange in 2003 when, as Vedanta Resources, it raised US$876 million through an initial public offering. Vedanta limited (formerly Sesa Goa / Sterlite) is one of the many Indian subsidiaries of Vedanta resources and operates iron ore mines in Goa. The company was founded in Bombay (now Mumbai) in 1976 by Anil Agarwal, as a scrap-metal dealership. "[53], Several shareholders sold their shares because of human rights concerns. [32][33], In 2015, the Vedanta group in partnership with Ministry for Women and Child development inaugurated the first "Nand Ghar" or modern anganwadi, of the 4,000 planned to set up. STL - Sterlite Technologies Limited (Formerly Sterlite Tech) NSE: STLTECH[4] formed in 1988 is a digital technology company with offices in India, China, US, SEA, Europe and MEA. PRAVIN AGARWAL Vice Chairman And Whole-Time Director. Sterlite Power Grid Ventures Limited operates as a power transmission company. Talwandi Sabo Power Project. It has rejected charges of environmental damage, saying it may be related to the increased use of fertiliser by farmers. [40], Vedanta's Alumina Refinery in Lanjigarh was criticised by the Orissa State Pollution Control Board (the statutory environmental regulation body) for air pollution and water pollution in the area. Description. Vedanta was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until Chairman, Anil Agarwal's offer to take the company private went unconditional in September 2018. Kalpataru Power Transmission Ltd has incorporated a subsidiary in Republic of Senegal, to undertake business activities in the west African country. The government of Zambia has a controlling stake in ZCCM Investment Holdings plc. Protest by Public of Tuticorin started for not following Environmental Clearance Issues. The acid has damaged me permanently", "Balco chimney crash deaths climb to 26, dozens still trapped", "Church of England sells Vedanta shares over Orissa human rights", "Church takes 'unprecedented' step to sell stake in Vedanta", "Don't Mine Us out of Existence – Amnesty International", "Survival applauds Rowntree decision to sell Vedanta shares over ethical concerns", "Third blow for Vedanta in a month as mine faces new probe", "Don't clear Vedanta's Mining Project: Panel", "Zambian Villagers Win Right to Sue Vedanta in English Courts", "Business / Companies : Sterlite Industries facing tax demand of Rs. Sterlite Technologies announced that its subsidiary, Sterlite Power Grid Ventures completed commissioning of all eight elements of Bhopal Dhule Transmission project. Vedanta has contested these claims, stating that its gas emissions are well below the state norms and the emissions of 11 other neighboring industries. The committee submitted its report on 16 August 2010, saying "The Vedanta Company has consistently violated the Forest Conservation Act [FCA], the Forest Rights Act [FRA], the Environment Protection Act [EPA] and the Orissa Forest Act in active collusion with the State officials. KCM's other shareholder is ZCCM Investment Holdings plc. This includes ownership by and "Westglobe limited", "Twinstar holdings", Finsider international and mutual funds (ICICI Prudential), foreign portfolio investors (17%), LIC India (6%) and Citibank New York (4%). The Company is executing multi-million dollar power transmission system projects, pan-India via its fully owned subsidiary companies – East-North Interconnection (ENICL), Bhopal- Dhule Transmission (BDTCL) and Jabalpur Transmission (JTCL). Sterlite Energy Limited is developing Sterlite Jharsuguda Power Station 2400 MW coal-fired thermal power project in Jharsuguda, Odisha. Sterlite owns 64.9% of the share capital in HZL and has management control. We believe that electricity access transforms societies and delivers long-lasting social impact. The company is specialized in optical fiber and cables, hyper-scale network design, and deployment and network software and offer bespoke integrated solutions[buzzword] for global data networks of CSPs, Telcos and OTTs. [60] Excise officials charged Sterlite Industries with misdeclaration because the company is alleged to have tried shipping out copper waste for the purpose of separating gold and silver when the waste also contained other precious metals like platinum and palladium. Attention to Hydro : Need to incentivise private sector participation Finance AMP Capital and Sterlite Power partner to improve transmission infrastructure in India : Financings Coal India Limited to set up an integrated solar wafer manufacturing facility : Projects Andhra Pradesh invites bids for 1 MW of solar projects at Srikalahasti temple : Projects [38] In January 2009, thousands of locals formed a human chain around the hill in protest at the plans to start bauxite mining in the area. 2,200 Crores as Debt Syndication for their power transmission projects. [62], Global diversified metals and mining company, Indian Supreme Court's Central Empowered Committee (2005) Report in IA No. Among his inspirations, Agarwal counts Andrew Carnegie and David Rockefeller who built public works with their fortunes, and Bill Gates. [47] Balco and GDCL management have been accused of negligence in the incident. [61] Vendanta also owes the Income Tax Department ₹10,247 crore as retrospective tax as of January 2014. STERLITE TECHNOLOGIES LIMITED (The Sterlite Technologies Limited (the “Issuer”), incorporated in India with limited liability on March 24, 2000 under the Companies Act, 1956) Registered Office: Survey No.68/1, Rakholi Village, Madhuban Dam Road 396 230 Union Teritory of Dadra & Nagar Haveli, India With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power 1324 regarding the alumina refinery plant being set up by M/S Vedanta Alumina Limited at Lanjigarh in, "VEDANTA RESOURCES LIMITED - Filing history (free information from Companies House)", "Vedanta investors look into human rights issues in India", Indian mining Vedanta IPO to raise at least $876 mln, Vedanta to buy stake in Sterlite Gold for Rs 285 cr, "Anil Agarwal: Vedanta's bluff billionaire", Vedanta unit buys Asarco out of Chapter 11 at $2.6B, "Vedanta buys Anglo American Zinc for $1.3 billion in all cash deal", "Vedanta given green light for $8.5bn Cairn deal", "Sesa Goa, Sterlite merger becomes effective - Times of India", "Vedanta enters steel with acquisition of Electrosteel Steels, to hold 90%", "Anil Agarwal to take Vedanta Resources private on 1 October", "Vedanta's copper smelting plant ordered to stop operations", "Tasmania's Mount Lyell mine to close, 200 workers redundant", "Getting hold of Hindustan Zinc's cash turning an expensive affair for Vedanta", "Vedanta Aluminium & Abhijit Pati Honored & recognized at historic India Leadership Conclave & Awards 2018 – Odisha Affairs", "Vedanta's Sesa Iron Ore to make all mines operational in Goa", "Share holding pattern - Vedanta Limited, India", "Sesa Sterlite wins Asian CSR Leadership Award", "Vedanta mining tycoon Anil Agarwal vows to give away fortune", "Nand Ghar project launched by Vedanta, women and child ministry", "Anil Agarwal pledges 75% of his wealth to charity", "British mining company threatens sacred mountain", "Studies on impact of proposed Lanjigarh Bauxite Mining on biodiversity including wildlife and its habitat", "A brief report on Ecological and Biodiversity importance of Niyamgiri Hill and implications of Bauxite Mining", "Vednata would invest $2 billion less in India", "India refinery 'threatens health of local community, Inspection Report on M/S. 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