VEDL

MUMBAI, March 19 (Reuters) - India's Hindustan Zinc HZNC.NS has accepted worth 5 billion rupees ($57.8 million) for the sale of bonds maturing in three years, three bankers said on Wednesday.

The company will pay an annual coupon of 7.75% and had invited bids from bankers and investors for the issue earlier in the day, they said.

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


Here is the list of deals reported so far on March 19:

*Size includes base plus greenshoe for some issues

($1 = 86.5010 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by)

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Corrects spelling of miner in second paragraph

CAIRO, March 18 (Reuters) - The Saudi industry and mineral resources ministry awarded on Tuesday mining exploration licenses to several local and international firms, state news agency SPA reported.

The licenses were awarded to Indian miner Vedanta and a consortium comprising local Ajlan & Bros and China's Zijin Mining among others.

The ministry said the miners would spend approximately over 366 million riyals ($97.59 million) on exploration over the next three years.

($1 = 3.7505 riyals)

(Reporting by Menna Alaa El-Din, Editing by Franklin Paul)

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** Shares of miner MTM Critical Metals MTM.AX rise 6.7% to A$0.16

** Stock marks its biggest intraday gain since February 12

** Co signs MoU with Indian aluminium firm Vedanta VDAN.NS for Red Mud (RM) recycling via its Flash Joule Heating (FJN)technology

** Tests at MTM's Houston facility reveal FJH efficiently converts RM's iron oxides into saleable compounds - MTM

** Adds that the process also improves iron-to-alumina ratio for cement additive use and reduces environmental risk by neutralising RM's alkalinity

** MTM shares down 42.3% YTD, VDAN shares nearly flat with minor gains of 0.1% YTD, as of last trade

(Reporting by Kumar Tanishk in Bengaluru)

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By Ron Bousso

HOUSTON, March 11 (Reuters) - India's largest privately owned oil and gas company Cairn India said it may invest in U.S. service and engineering companies as part of a $5 billion plan to grow output five-fold in the coming years, its chairman said on Tuesday.

"I want to spend $5 billion on developing my project to get to 500,000 barrels per day production," billionaire Anil Agarwal told Reuters in an interview.

Cairn, part of Vedanta Limited, produces 100,000 bpd today. It plans to drill several deepwater exploration wells next year.

Agarwal, speaking during a visit to Houston where he attended the CERAWeek conference, said Cairn seeks to work with 7 or 8 technical partners and buy 5 or 6 drilling rigs for the exploration and development of the offshore project.

"We are looking to develop 500 to 600 new wells, we would like at least 20 rigs to work in our field," Agarwal said.

"I can invest in the engineering company, the rig company, because that will help me to explore in India better," he said.

"I'd love American companies to come join hands and take up this project."

(Reporting by Ron Bousso; Editing by Simon Webb and David Gregorio)

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Feb 28 (Reuters) - Vedanta Ltd VDAN.NS:

• BALCO RECEIVES ORDER CONFIRMING PENALTY OF 2.2 MILLION RUPEES

Source text: ID:nBSE9JS9Mv

Further company coverage: VDAN.NS

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Feb 25 (Reuters) - VEDANTA LTD VDAN.NS CHAIRMAN:

• VEDANTA CHAIRMAN: CAIRN OIL & GAS COMMITS 500 BILLION RUPEES INVESTMENT FOR OIL EXPLORATION IN ASSAM

Source text: [ID:]

Further company coverage: VDAN.NS

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Feb 21 (Reuters) - Vedanta Ltd VDAN.NS:

• COMPANY HAS BEEN DECLARED AS 'PREFERRED BIDDER' FOR THE KAUHARI DIAMOND BLOCK

• KAUHARI DIAMOND BLOCK IS AT G4 LEVEL OF EXPLORATION WITH TOTAL AREA OF 643.4169 HECTARES FOR BLOCK

Source text: ID:nnAZN3F6SBA

Further company coverage: VDAN.NS

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Feb 20 (Reuters) - Vedanta's VDAN.NS shareholders and lenders have approved the oils-to-metals conglomerate's plans to split into five separate entities, the company announced on Thursday, with nods from nearly all of its secured and unsecured creditors.

Group Chairman Anil Agarwal launched the plan to overhaul the business in 2023 following an unsuccessful attempt to take Vedanta private in 2020 as its UK parent Vedanta Resources chips away at its debt pile, which stood at $11.36 billion as of September 2024.

The five entities from the split would include Vedanta Limited, which will house the company's base metals business, Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy.

Vedanta had said in December that it would not carve out a separate entity for its base metals business, contrary to initial plans for six separate entities announced in September 2023.

The unit's demerger might be considered at a stage when higher value can be unlocked from the business, it said, adding that it will stay a part of the parent company.

Vedanta's aluminium business is the country's biggest producer of the metal and contributes to about 61% of the group's total revenue.

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)

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Feb 19 (Reuters) - Aveng Ltd AEGJ.J:

• NEW CONTRACT AWARD

• MOOLMANS SECURES R10.6 BILLION CONTRACT WITH BLACK MOUNTAIN MINING

• NEW CONTRACT TO CREATE 342 JOBS IN NORTHERN CAPE

Source text: ID:nJseS0053a

Further company coverage: AEGJ.J

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MUMBAI, Feb 18 (Reuters) - India's Vedanta VDAN.NS has accepted bids worth 26 billion rupees ($299 million) for bonds maturing in two years and in two years and six months, three merchant bankers said on Tuesday.

The company will pay an annual coupon of 9.40% and 9.50%, respectively, on these issues and had invited commitment bids earlier in the day, they said.

It has accepted bids worth 20.60 billion rupees for the two-year bond issue and 5.40 billion rupees for the two-and-a-half-year paper, the bankers added.

A Vedanta spokesperson said the proposed issuance is part of Vedanta's standard capital markets procedures and will help refinance higher cost debt. The firm remains focused on rapidly reducing its overall debt and reducing its cost of funding, the spokesperson added.

In July, the company had raised 10 billion rupees through 15-month bonds at a coupon linked to the one-month overnight index swap rate.

Here is the list of deals reported so far on February 18:

*Size includes base plus greenshoe for some issues

($1 = 86.9675 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

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MUMBAI, Feb 14 (Reuters) - India's Vedanta VDAN.NS plans to raise at least 23.5 billion rupees ($271.2 million) through the sale of bonds maturing in two years and in 30 months, three merchant bankers said on Friday.

The company will pay an annual coupon of 9.40% and 9.50%, respectively, on these issues and has invited commitment bids for the issues on Tuesday, they said.

The company plans to raise at least 20 billion rupees through two-year bonds, which will have a greenshoe option to retain an additional 5 billion rupees.

It will aim to raise at least 3.50 billion rupees through 30-month bonds, with a greenshoe option of 6.50 billion rupees.

However, the overall fundraising will be capped at 30 billion rupees, the bankers added.

ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Axis Asset Management, Aditya Birla Sun Life Mutual Fund, and Kotak Mahindra Mutual Fund are the anchor investors for the two-year bonds.

Nippon India Mutual Fund and Kotak Mahindra Mutual Fund are anchor investors for the 30-month issue.

Vedanta did not immediately reply to a Reuters email seeking comment.

In July, the company had raised 10 billion rupees through 15-month bonds at a coupon linked to the one-month overnight index swap rate.

($1 = 86.7180 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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

• RECEIVES ORDER CONFIRMING PENALTY OF 10.8 MILLION RUPEES

Source text: ID:nBSEbQ7TY5

Further company coverage: VDAN.NS

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By Neha Arora

NEW DELHI, Feb 10 (Reuters) - India's aluminium shipments to the U.S., its top export market for the metal, will likely drop due to tariffs proposed by Washington, prompting producers to look at other markets such as Europe, industry executives and a government source said on Monday.

U.S. President Donald Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the United States in another major escalation of his trade policy overhaul. He also said he would announce reciprocal tariffs on Tuesday or Wednesday.

Those measures would drag down India's aluminium exports to the United States, affecting the profitability of Indian producers, the executives and the source said.

Although Indian aluminium producers, which include Vedanta Aluminium and Hindalco Industries HALC.NS, could look to other markets in Europe and Southeast Asia, these would take time to absorb the additional supplies, they said.

"India is one of the major exporters to the U.S. and the tariffs will have a significant impact," B.K. Bhatia, additional secretary general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters.

"Some bilateral arrangement has to be made for concessional tariffs to ease the situation," Bhatia said.

Indian Prime Minister Narendra Modi is scheduled to meet Trump this week, and is likely to propose additional tariff cuts that could boost American exports to India and avoid a potential trade war between the two countries.

India, the world's second biggest primary aluminium producer, exported 0.2 million metric tons of aluminium to the U.S., worth 78.3 billion rupees ($894.4 million), in the year to March 2024, government data showed.

Unlike aluminium companies, India's steel producers are not expected to face significant setbacks as their supplies to the U.S. are smaller.

India could see an increase in steel shipments as other countries may divert cargoes to New Delhi due to the proposed U.S. tariffs on the alloy, they said.

The country became a net importer of steel in the 2023-24 fiscal year, and imports have steadily increased in recent months.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Jan Harvey)

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Feb 6 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON FEBRUARY 11

Source text: ID:nBSE5cCDyZ

Further company coverage: VDAN.NS

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Feb 5 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA LTD - RECEIVES TAX ORDER CONFIRMING PENALTY OF 291.2 MILLION RUPEES

Source text: ID:nBSE9VKrfQ

Further company coverage: VDAN.NS

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Feb 3 (Reuters) - S&P Global Ratings upgraded the rating on Vedanta Resources on Monday, citing easing refinancing risks for the UK-based natural resources group.

The rating agency bumped up the parent of Indian miner Vedanta VDAN.NS to "B+" from "B" with a stable outlook and removed it from credit watch.

A further upgrade will depend on sustainable cash flow and dividend generation at the group level, the ratings agency said.

"We consider the refinancing of $600 million 2026 bonds as a virtual certainty... Refinancing of the 2026 bonds will significantly reduce liquidity pressure and minimize refinancing risk," S&P Global Ratings said in a statement.

Vedanta Resources has seen its rating being upgraded in recent months after seeking to lower its debt and improve its capital structure.

In January, Moody's upgraded the company, flagging softening liquidity and refinancing risks.

S&P had upgraded Vedanta Resources thrice in 2024, with the latest raise to "B" from "B-" in December.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Indian miner Vedanta VDAN.NS rise 1.2% ahead of results amid uptrend in broader markets

** Indian benchmarks .BSESN, .NSEI just shy of gaining 1% on the day

** Analysts expect Vedanta to post 75% y/y rise in consol net profit to 35.27 billion rupees ($407.14 million), rev to grow over 4% to 371 billion rupees

** Axis Securities flags aluminium prices rose 17% y/y in the December-qtr

** That should aid co as mining of aluminium is one of its core businesses

** Kotak flags that strong commodity prices in other metals like zinc and silver will lift core profits by 22% y/y in Q3

** VDAN set to close Jan with a 1.4% fall, eyeing fourth month of losses in a row

($1 = 86.6280 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 29 (Reuters) - Vedanta Resources:

• OFFERORS HAVE ARRANGED FOR EARLY TENDERED BONDS TO BE CANCELLED ON JANUARY 29 -

• AGGREGATE PRINCIPAL AMOUNT OF 2028 BONDS & 2026 BONDS THAT REMAINS OUTSTANDING AS OF JAN 29 $265 MILLION & $300 MILLION, RESPECTIVELY

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Jan 28 (Reuters) - Hindustan Zinc HZNC.NS, India's biggest producer of the refined metal, reported a bigger-than-expected rise in third-quarter profit on Tuesday, supported by higher zinc prices.

The company, majority owned by the metals-to-oil conglomerate Vedanta VDAN.NS, said its consolidated net profit surged 32% on-year to 26.78 billion rupees (about $310 million) in the three months to Dec. 31.

Analysts had pegged the profit at 25.08 billion rupees, as per data compiled by LSEG.

Domestic zinc prices rose during the quarter, in tandem with global prices as the world's biggest producer of the refined metal, China, continued to face a supply crunch.

Analysts at two brokerages estimated that zinc prices rose about 22% in the quarter.

Hindustan Zinc, which has three-fourths share of the domestic market, said revenue from operations grew about 18% to 83.15 billion rupees.

Its zinc business posted a 21% rise in revenue, while the second-biggest business segment, silver, clocked a 4% growth.

Hindustan Zinc is the world's third-biggest producer of the precious metal.

($1 = 86.5010 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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Adds executive comments, background in paragraphs 3 to 5

Jan 27 (Reuters) - India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.

The billionaire Sajjan Jindal-led group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from Hindustan Copper HCPR.NS for a period of 20 years, with the option to extend it for another decade.

"Venturing into non-ferrous metals, particularly copper, is a strategic move," said Parth Jindal, the managing director of JSW Paints and the IPO-bound JSW Cement.

Steel production in India has been hit by low prices, weak demand from top consumer China and cheap Chinese steel flooding domestic markets -- the effect of which has led to the group's flagship firm JSW Steel JSTL.NS missing profit estimates for the past four quarters in a row.

With the expansion, JSW Steel will directly compete with Vedanta VDAN.NS, Hindalco HALC.NS, Hindustan Copper and Adani Copper - all of which currently dig up the brown metal used to make cables and wires.

Once ramped up, the mines will have a copper ore capacity of 3 million tonnes per annum (MTPA) and are expected to be part-operational in the second half of the fiscal year 2027, the group said in a statement.

($1 = 86.3290 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Savio D'Souza)

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Adds more detail and context throughout

LUSAKA, Jan 22 (Reuters) - Zambia's copper output rose 12% in 2024, buoyed by a recovery in production at key mines as the government counts on the sector to drive economic growth.

Output reached roughly 820,670 metric tons, up from 732,580 tons the year before, Mines Minister Paul Kabuswe said on Wednesday.

Barrick Gold's ABX.TO Lumwana mine ramped up output and Vedanta Resources' VDAN.NS Konkola Copper Mines (KCM) resumed activities.

Output also picked up at Mopani Copper Mines, which was recently bought by United Arab Emirates firm, International Resources Holding.

Kabuswe said production rose despite electricity shortages after a devastating drought that hit hydroelectric power generation.

Zambia is Africa's second-largest copper producer after Democratic Republic of Congo, and the government is trying to lift annual copper output to 3 million tons within about a decade.

Vedanta, backed by Indian billionaire Anil Agarwal, has said it plans to invest about $1.3 billion to revive production at KCM, which nearly collapsed after an ownership battle with Zambian authorities.

Canadian miners Barrick and First Quantum Minerals FM.TO are also boosting output at their mines in Zambia while KoBold Metals, backed by U.S. investors, has said it plans a $2 billion copper mine in the southern African country.

(Reporting by Chris Mfula in Lusaka;
Additional reporting by Felix Njini in Johannesburg
Editing by Alexander Winning and Sharon Singleton)

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By Dharamraj Dhutia

MUMBAI, Jan 15 (Reuters) - Vedanta Resources Finance II, a unit of UK-based miner Vedanta Resources, has accepted bids worth $1.10 billion for two planned dollar-bond issues to refinance loans due in 2026 and 2028, according to a term sheet seen by Reuters.

The company will pay a coupon of 9.4750% on the five-year-and-six-months bonds and 9.85% on the eight-year-and-three-months bonds, the termsheet showed.

The five-year-plus notes have call options at the end of two years and six months, three years and six months, and four years and six months.

The eight-year-plus bonds have call options at the end of three years, four years and five years.

The bonds are expected to be rated B2 by Moody's and B by S&P.

Vedanta did not immediately respond to a request for comment.

In November, Vedanta Resources Finance had raised $800 million via bonds maturing in three years and six months as well as in seven years.

Indian firms raised around $12.05 billion via dollar bonds last year, more than double the $5.70 billion raised in 2023, according to data from financial data aggregator Cbonds. Investors expect another robust year for such notes.

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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Jan 13 (Reuters) - Vedanta Ltd VDAN.NS:

• S&P: VEDANTA RESOURCES RATINGS PLACED ON CREDITWATCH POSITIVE

• S&P: VEDANTA RESOURCES' PROPOSED FUND RAISING TO SUBSTANTIALLY REDUCE LIQUIDITY, REFINANCING RISK

Source text: [ID:]

Further company coverage: VDAN.NS

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Jan 10 (Reuters) - VEDANTA RESOURCES:

• SECURES US$300 MILLION FINANCING FROM LEADING GLOBAL BANKS

• PROCEEDS WILL BE USED FOR REFINANCING OUTSTANDING 2024 BONDS I, 2026 BONDS

• LOOKING TO UPSIZE DEAL, IN ADVANCE DISCUSSION WITH OTHER BANKS FOR ADDITIONAL $200 MILLION

Further company coverage: VDAN.NS

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By Neha Arora

NEW DELHI, Jan 9 (Reuters) - India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, a senior Indian government official with direct knowledge of the matter said.

Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking.

"India's cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon," the source said, declining to be identified as the deliberations are not yet public.

India's federal mines ministry did not respond to a Reuters email seeking comment.

Mongolia's Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments.

Companies such as Adani, Hindalco and Vedanta have expressed an interest in sourcing copper from Mongolia, the source said. All three companies did not respond to emails from Reuters seeking comment.

Both Indian and Mongolian officials are working out supply routes for Indian companies to source copper and coking coal, with India preferring the route from Vladivostok in Russia despite the longer distance, the official said.

"China is convenient but we prefer the route from Russia," the official said.

Relations between Asian giants India and China were strained after a deadly military clash on their disputed border in 2020 but have been on the mend since they reached an agreement in October to pull back troops from their last two stand-off points in the western Himalaya mountains.

Unlike China, India has traditionally maintained close ties with Russia.

Resource-rich Mongolia can offer superior grades of coking coal, industry officials say.

In November, India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS were in talks with Mongolian authorities to import two shipments of coking coal, Reuters reported.

(Reporting by Neha Arora; Editing by Christian Schmollinger)

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Jan 7 (Reuters) - Vedanta Ltd VDAN.NS:

• RECEIVES PENALTY ORDER OF 22.4 MILLION RUPEES

Source text: ID:nBSE3sbn6R

Further company coverage: VDAN.NS

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

• VEDANTA - HINDUSTAN ZINC RECEIVES ORDER WITH PENALTY OF 1.2 MILLION RUPEES

Source text: ID:nBSE8ZTmQK

Further company coverage: VDAN.NS

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Dec 20 (Reuters) - S&P Global Ratings upgraded Vedanta Resources to "B" from "B-" after the parent company of Indian miner Vedanta Ltd secured minimum support needed for a debt restructuring plan.

The move reduces the risk of refinancing some of its bonds and suggests an improvement in the company's capital structure.

The plan, approved earlier this week, removes a clause that would have accelerated payment of January 2027 and December 2028 bonds to April 20, 2026.

This marks S&P Global's third upgrade for Vedanta Resources this year, following a similar action by Moody's last month.

Vedanta Resources has been attempting to shore up its finances, including through debt restructuring.

Group Chairman Anil Agarwal has made several attempts to reduce debt, including an unsuccessful bid to take the company private in 2020 and plans to split Vedanta into six companies.

S&P had a "stable" outlook on Vedanta Resources, saying it expects refinancing risks to be more manageable.

"In our opinion, the passing of the consent solicitation eliminates the residual risk of an accelerated maturity following a US$400 million shortfall in Vedanta Resources' most recent bond raising," S&P Global analysts said in a note.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Tasim Zahid)

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Dec 16 (Reuters) - Vedanta Ltd VDAN.NS:

• APPROVED FOURTH INTERIM DIVIDEND AT 8.5 RUPEESPER SHARE

• FOURTH INTERIM DIVIDEND AMOUNTING TO 33.24 BILLION RUPEES

Further company coverage: VDAN.NS

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

• TO CONSIDER AND APPROVE FOURTH INTERIM DIVIDEND

• BOARD TO CONSIDER FOURTH INTERIM DIVIDEND ON DECEMBER 16

Source text: ID:nBSE4SJcq3

Further company coverage: VDAN.NS

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