Vedanta Sets up Sesa Iron and Steel to Handle Metallurgy Operations
According to regulatory filings, Vedanta Ltd established a new subsidiary called Sesa Iron and Steel Limited in the state of Goa on September 6 to handle iron and steel business.
"Sesa Iron and Steel Limited is incorporated for growth projects and to undertake expansion of its operations," the company stated in a regulatory filing with stock exchanges.
Sesa Goa Iron Ore, a subsidiary of the Vedanta Group, is also based in the Western state and is involved in the exploration, mining, and processing of iron ore. Iron ore is a critical raw material in the production of iron and steel. Mining in the state, however, has been halted as a result of a Supreme Court ruling in 2018.
This comes a day after Vedanta Resources, the parent company of India-listed Vedanta Ltd, announced that the Zambian government had returned ownership and operational control of its Konkola Copper Mines (KCM) in Zambia to it.
Vedanta Resources and the Zambian government had a disagreement, which was settled after the mining company committed to investing more than $1 billion in the mines.
"We have been committed to KCM since 2004 and believe that it is a prized asset in our portfolio," said Anil Agarwal, chairman of Vedanta Group, on September 6.
"Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated producer of copper and cater to India's fast-growing demand while also making Zambia the leading producer of copper in the world," he said.