·         Vedanta is committed to India’s ambitions for mineral security, energy transition, resource security and clean energy

Bengaluru, 19th September 2025: Vedanta Group, a global leader in critical minerals, energy transition metals, energy, and technology, on Thursday announced that it has been declared the preferred bidder for the Punnam manganese block in Andhra Pradesh. The company participated in the e-auction process conducted by the Department of Mines & Geology, Government of Andhra Pradesh after qualifying in the initial bid stage.

The Punnam manganese block, covering an area of 152 hectares, is currently at the G4 level of exploration, indicating early-stage geological investigation. Vedanta qualified in the initial bid stage and emerged as the top bidder in the final round of the competitive e-auction process.

The allocation stands to further bolster Vedanta’s diverse mineral and metal portfolio including aluminium, zinc, silver, iron ore. This comes close on the heels of securing critical mineral blocks across the country, including rare earth elements, vanadium, graphite and tungsten. The Group is committed to supporting India’s ambitions for mineral security, energy transition, and sustainable industrial growth.

Manganese is categorized as a strategic mineral under India’s mining policy due to its widespread industrial applications and essential role in emerging technologies. It is crucial for producing ferro-manganese and specialized steel, electric vehicle (EV) batteries, renewable energy storage systems among others.

India’s Manganese Mining Landscape

India is the fifth-largest producer of manganese ore, with significant reserves found in states like Odisha, Madhya Pradesh, Maharashtra, Karnataka, and Andhra Pradesh. With India importing nearly 60% of its manganese ore requirements, there is a significant opportunity to substitute imports through domestic mining expansion.

India holds substantial manganese reserves of more than 100 years at current production capacity. The opening of new mining blocks presents a transformational opportunity to tap into these reserves and reduce import dependency, enhancing India’s self-reliance aligning with the Make in India and Atmanirbhar Bharat campaigns.

The Indian Bureau of Mines (IBM) estimates that the country possesses over 495.87 million tonnes of manganese ore reserves, with a growing demand driven by infrastructure, manufacturing, and clean energy initiatives.

India’s steel output surged 9.8%, driven by infrastructure and construction booms. The demand for manganese alloys is projected to more than double in the next decade, positioning this strategic mineral as a high-growth commodity. India boasts one of the highest manganese alloys utilization rates globally at 65%, compared to the global average of 51%, underscoring the efficiency and scalability of the domestic market.

Industry experts say government incentives, anti-dumping duties, and safeguard measures are actively supporting the steel and alloy ecosystem, creating a favourable policy environment for mining investments.

Global Significance of Manganese

Globally, the manganese market is witnessing robust growth due to its critical use in steel and ferroalloys manufacturing, electric vehicle (EV) batteries, particularly high-performance lithium-ion batteries (e.g., NMC—Nickel Manganese Cobalt), renewable energy storage systems and electronics and specialty alloys.

As nations move toward decarbonization and energy transition, manganese is gaining recognition as a vital mineral for the green economy. The International Energy Agency (IEA) projects a steep rise in demand for battery-grade manganese by 2030, driven by the global shift to clean energy technologies.

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As part of its expansion plans, HZL is establishing a 250 KTPA Leaching, Purification & Cellhouse facility, along with a 125 KTPA Jarosite Circuit at its Debari Smelter Complex in Rajasthan. The facility will produce Special High Grade Zinc Cathodes (99.995% Zn).

The project was awarded to M&M on an EPC basis. The scope encompasses design and engineering, procurement, complete site services including installation and commissioning of Calcine Storage, Leaching, Purification, and Electrowinning (Jumbo Cell House) plant. The scope also includes associated auxiliaries such as utilities, ETP RO-ZLD, plant electrics, instrumentation, and automation systems.

This order strengthens L&T’s longstanding partnership with HZL spanning over three decades. L&T has been a trusted EPC partner in HZL’s capacity augmentation initiatives, ranging from beneficiation plants to smelter facilities.

Commenting on the order win, Mr T Kumaresan, Senior Vice President & Head – Minerals & Metals – L&T, said: “This win reaffirms L&T’s leadership in the Minerals & Metals sector and underscores our commitment to delivering excellence that ensures customer satisfaction.’’

L&T’s M&M vertical offers world-class end-to-end EPC solutions across sectors such as mining, minerals processing, industrial products and material handling. Its Product Business Unit, having manufacturing facilities in Kansbahal (Odisha) and Kancheepuram (Tamil Nadu), provides cost-effective end-to-end product solutions for industries such as mining, cement, steel, fertilisers and ports.  

Background:

Larsen & Toubro is a USD 30 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, and Services, operating across multiple geographies. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

* Project Classification

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A milestone in building rapid response, environmental safety, and seamless inter-agency coordination.

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ONGC said in a social media post on Tuesday that the two companies signed a memorandum of understanding (MoU) paving the way for early monetisation of the Jantapathar gas field in the Upper Assam Shelf South block, in the Assam & Assam Arakan basin.

“The MoU will enable ONGC and Vedanta to jointly decide on gas evacuation from the discovery well JP-1Z that couldn’t be put on production earlier, due to non-availability of surface facilities as well as gas sales market in the area,” ONGC said.

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Bengaluru, 7th January 2025: Vedanta Limited, a global leader in natural resources and technology, has solidified its position as a trailblazer in Environmental, Social, and Governance (ESG) excellence. The Vedanta Group achieved a stellar 5th rank globally among 248 metal and mining companies in the prestigious S&P Global Corporate Sustainability Assessment (CSA) 2024. Its subsidiary, Hindustan Zinc Limited (HZL, NSE: HINDZINC), retained the #1 global ranking for the second consecutive year, while Vedanta Aluminium secured the #2 position among aluminium producers. Notably, Vedanta and Hindustan Zinc are the only Indian companies to feature in the global top ten rankings.

The S&P Global CSA is regarded as one of the world’s most comprehensive ESG benchmarks, evaluating companies across rigorous ESG criteria. These rankings underscore Vedanta Group’s steadfast commitment to aligning its strategies with global sustainability standards, driving responsible business practices, and creating long-term value for all stakeholders. Hindustan Zinc achieved a score of 86 with highest scores globally in key parameters such as climate strategy, community relations, waste & pollutants.

Commenting on the achievement, Priya Agarwal Hebbar, Non-Executive Director, Vedanta Ltd. and Chairperson, Hindustan Zinc Ltd., said, “I am immensely proud that Hindustan Zinc is #1 and Vedanta amongst the top 5 in the S&P Global Corporate Sustainability Assessment 2024 – two years in a row.  Our rankings are a testament to our unwavering commitment to sustainability, positive social impact and excellence in governance. Vedanta Aluminium has also remained one of the most sustainable aluminium producers in the world – highlighting our focus on driving meaningful change. We hope to continue to contribute towards sustainable value creation on a global scale.”

Setting Benchmarks in ESG Excellence

Vedanta Group’s strong performance in the S&P Global CSA highlights its achievements across all dimensions of ESG:

1. Governance Leadership

• Enhanced governance framework with strengthened board independence, gender diversity, and robust risk management.
• Achieved a 100% score in transparency and reporting, setting a global benchmark for corporate disclosure. 

2. Environmental Stewardship

• Advanced initiatives in mineral waste management, water risk mitigation, and biodiversity conservation, aligning with international standards.
• Commitment to Net Zero carbon emissions by 2050 or sooner, backed by a dual strategy of increasing renewable energy usage and increasing operational efficiency through deployment of advanced technologies.
• Pioneering projects:
  • Hindustan Zinc’s EcoZen: Asia’s first low carbon ‘green’ zinc produced using renewable energy.
  • Hindustan Zinc is a certified 2.41 times water positive company
  • Hindustan Zinc’s Pantnagar Metal Plant: The company’s Pantnagar plant in Uttarakhand runs on 100% renewable power.
  • Vedanta Aluminium’s transition to natural gas at the Jharsuguda smelter, expected to cut emissions by over 47,000 tonnes of CO₂ equivalent annually. 

3. Social Responsibility

• Investments in community welfare, employee development, and occupational health & safety (OHS) resulted in significant improvements in Governance and Social scores in the S&P CSA.
• Initiatives like skill development programs, education, and healthcare for underserved communities are fostering inclusive growth. 

Driving Transformational Impact

Vedanta’s commitment to sustainability is reflected in its $5 billion investment over the next decade to foster a greener, more inclusive future. Key initiatives driving impact include:

1. Renewable Energy Integration:
   • Hindustan Zinc’s goal to source 70% of its energy needs from renewables by 2027.
   • Vedanta Aluminium’s partnership with GAIL Gas Ltd. for natural gas usage at its Jharsuguda smelter.
2. Operational Efficiencies:
   • Innovative practices to reduce energy consumption, transition to cleaner fuels, and electrify vehicle fleets across operations.
   • Hindustan Zinc is the first Indian mining company to deploy underground battery electric vehicles
3. Community Upliftment:
   • Empowering local communities through education, health, and skill development programs, and rural infrastructure, creating a lasting ripple effect of transformation. 

The Vedanta Group’s achievements in the S&P Global CSA reaffirm its role as a global leader in ESG. Through robust governance practices, innovative environmental strategies, and deep social impact, Vedanta is setting a new standard for sustainable and responsible business practices.

As Vedanta accelerates its journey toward net-zero emissions, its holistic approach underscores the company’s vision to build a brighter, more sustainable future for generations to come.

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Bengaluru, December 23, 2024: Amidst a year of growth and multiple group-level re-ratings, Vedanta Resources Limited (VRL) received another upgrade from S&P Global on December 20. The agency upgraded VRL’s corporate family rating from ‘B-’ to ‘B’. With this, VRL’s rating by S&P has gone up by five notches from ‘CC’ in Dec 2023 to ‘B’ in Dec 2024.

S&P said in its report that the upgrade comes after VRL obtained the minimum acceptances needed to close its consent solicitation exercise for 2028 bonds. “The stable outlook reflects our expectation that refinancing risks will be more manageable after the transaction given a newfound funding flexibility and improved capital market access,” the agency said in its report.

“The stable outlook also reflects the company’s sound underlying operations, which should support internal cash generation and refinancing efforts,” it added.

The S&P upgrade follows a successful consent solicitation exercise initiated by VRL. In this, VRL’s bondholders were requested to deliberate on the company amending the terms and conditions of its 13.875% bonds due in 2028. The proposal which was supported by 99.53% of early voting bondholders (by the December 16 deadline) will provide VRL with increased debt headroom, helping it efficiently manage its debt maturity profile and improve its capital structure.

VRL’s steady focus on deleveraging and strengthening its balance sheet also translated into upgrades by other major rating agencies. Moody’s significantly improved its outlook on VRL’s bonds moving its ratings by 4 notches from “Ca2” to “B3” during the year. It cited growing investor confidence as the underlying reason for its consecutive upgrades.

The group-level re-rating also extends to VRL’s Indian subsidiary, Vedanta Ltd. (VEDL), which received a series of upgrades in the past few quarters. Earlier this month, CRISIL upgraded its ratings on Vedanta’s long-term bank facilities and debt instruments to ‘AA’ from ‘AA-’ while reaffirming the short-term rating at A1+. Similarly, ICRA upgraded Vedanta Limited’s long-term credit rating by a notch to AA in September, citing the company’s strengthened credit profile.

All three agencies highlighted Vedanta’s commitment to deleveraging its balance sheet, reduced financing costs, expected increase in profits in the near term, lower cost of production, and its greater ability to withstand cyclicality in the commodity business as reasons for this vote of confidence.

VRL’s focus on deleveraging has reduced debt by ~$4.7 billion in the past two years, as Chairman Anil Agarwal shared in a letter to shareholders in November this year. The upgrades also reflect Vedanta’s ability to consistently tap bond markets. In the past four months, VRL has raised US$2 billion through bond issuances, achieving ~ 300 bps interest cost reduction and pushing out its debt maturities considerably, which has helped strengthen the company’s capital structure considerably.

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“Demerger scheme filed with NCLT; demerger is on track”

“Net debt to EBITDA improved to industry best 1.5x from 1.9x”

Bengaluru, August 6, 2024: Vedanta Limited today announced its Unaudited Consolidated Results for the First Quarter ended 30th June 2024.

Financial Highlights[1]

• Consolidated Revenue of ₹ 35,239 crore, up 1% QoQ and 6% YoY.
• Consolidated EBITDA of ₹ 10,275 crore, up 15% QoQ and up 47% YoY.
• Industry best EBITDA margin^* of 34%, ~1000 bps YoY.
• Profit after tax at ₹ 5,095 crore, up 124% QoQ and 54% YoY.
• Strong double-digit return on capital employed c.25%, improved 181 bps QoQ and 763 bps YoY.
• Liquidity improved by 17% YoY with Strong Cash and Cash Equivalent of ₹ 16,692 crore.
• Generated robust Free cash flow (pre capex) of ₹ 4,371 crore up 41% YoY.
• Net debt of ₹ 61,324 crore as on 30^th June 2024.
• Net debt/ EBITDA at industry best 1.5x in 1QFY25 vs 1.9x in 1QFY24.
• Raised Rs. 8500 Cr through one of the largest QIP in industry.
• All the requisite approvals secured, and demerger scheme filed with NCLT; demerger is on track.

Operational Highlights 

Below are the key operational highlights across the Group during the Quarter:

• Overall cost of production declined by ~20% YoY on back of structural changes and other initiatives.
• Aluminium
• Highest ever Alumina production at Lanjigarh refinery at 539 kt, up 11% QoQ and 36% YoY driven by new capacity.
• Cast Metal production of Aluminium at 596 kt flat QoQ and up 3% YoY.
• Aluminium cost of production lower by 11% YoY and flat QoQ.
• Zinc India
• Highest-ever mined metal production in first quarter at 263 kt, up 2% YoY.
• Highest-ever refined metal production in first quarter at 262 kt, up 1% YoY.
• Zinc International
• Mined metal production of Zinc International at 38 kt, up 13% QoQ because of higher zinc grades and recoveries, down 45% YoY due to lower tonnes milled and zinc grades.
• Overall cost of production down by 4% QoQ.
• Oil and Gas
• Average daily gross operated production of 112.4 kboepd, natural decline was partially offset by the infill wells brought online in Mangala and RDG fields.
• Iron ore
• Karnataka saleable ore production at 1.2 million tonnes, down 4% YoY and 33% QoQ due to temporary suspension of mine production during the month of May’24.
• Pig Iron production at 205 kt up 4% QoQ.
• Steel

Saleable steel production at 356 kt up 4% QoQ and 10% YoY on account of improved operational efficiency.

• Facor

Highest ever quarterly Ferro Chrome production at 28 kt up 4% QoQ and ~3x YoY.

• Copper India:
• Tuticorin Smelting operations have remained halted since April 2018. The company is evaluating the legal remedies for sustainable restart of Tuticorin plant.

Commenting on Q1FY25 results, Mr Arun Misra, Executive Director Vedanta Limited said “Vedanta has delivered a strong start to the year, with exceptional EBITDA improvement of 47% and PAT improvement by 54% 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% year-over-year reduction in overall Cost. Our growth projects are well on track, and we remain 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.”

Mr Ajay Goel, CFO, Vedanta, said “The start of FY25 has demonstrated phenomenal growth. In this quarter, we achieved an impressive EBITDA of Rs 10,275 crore, a jump of 47% YoY, with robust EBITDA margin of 34% and a PAT of Rs 5,095 crore, with YoY growth of 54%. This reflects strong business performance on cost and volume which is additionally supported by elevated commodity prices. The overwhelming response to the Vedanta’s $1 bn QIP, one of the largest in industry, underscores investor’s huge confidence. The proceeds from the QIP will be further instrumental in deleveraging balance sheet and reduction of finance cost. 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.”

1QFY25 ESG Highlights

• Renewable Energy (RE): RE Power Delivery agreements (PDAs) of 1836 MW in place. Initiated utilization of renewable energy at HZL for its operations from RE-RTC projects. HZL already consumed c.8.5% RE power of total requirement in Q1 FY25 vs c.5.4% in Q4 FY24
• Gender Diversity: Achieved our workplace gender diversity target for full-time employees 7 years in advance. Gender diversity for full-time employees stands at 22% (FY24: 20%)
• Waste Utilization: HVLT waste usage at 80%; Sustained Fly ash utilization at 100+%
• Tree Plantation:2 million trees planted as part of commitment to plant 7 million trees by 2030
• Women & Child Welfare: ~7,000 Nand Ghars created for women and child welfare
• CSR contribution: Spent INR 66 crore in Q1 FY’25 on CSR initiatives for communities, positively touching over 16 million lives

Consolidated Financial Performance –                                               

(In ₹ crore, except as stated)

1. Excludes custom smelting at copper business.
2. Exceptional items Gross of Tax.

• Revenue:
• 1QFY25 consolidated revenue at ₹35,239 crore, up 1% QoQ and 6% YoY driven by favorable market prices.
• EBITDA and EBITDA Margin:
• 1QFY25 EBITDA increased by 15% QoQ to ₹10,275 crore mainly driven by higher output commodity prices partially offset by lower volumes.
• 1QFY25 EBITDA higher by 47% YoY on account of structural cost saving initiatives across businesses, easing of input commodity inflation, favorable output commodity prices.
• EBITDA margin¹ at 34% in 1QFY25, improved ~1000 bps YoY.
• Depreciation & Amortization:
• 1QFY25 Depreciation & Amortization ₹2,731 crore flat QoQ and increased 7% YoY mainly in oil and gas and increased capitalization at Zinc India.
• Finance Cost:
• 1QFY25 in line with average borrowings; lower by 8% QoQ due to one-time charges in 4QFY24.
• 1QFY25 higher by 5% YoY in line with increase in average borrowings.
• Investment Income:

1QFY25 higher by 37% QoQ and 47% YoY due to increase in average investments and interest on income tax refund in 1QFY25.

• Taxes:

Normalized ETR for 1QFY25 is 26%[2] as compared to 32% in 4QFY24. Decrease is mainly due to change in profit mix.

• Profit After Tax:

1QFY25 Profit after tax at ₹ 5,095 crore, higher 124% QoQ and 54% YoY.

• Leverage, liquidity, and credit rating:
• Gross debt at ₹78,016 crore as on 30^th June 2024.
• Net debt at ₹61,324 crore as on 30^th June 2024. Net debt to EBITDA ratio improved to 1.5x vs at 1.9x YoY.
• Cash and cash equivalents position remain healthy at ₹16,692 crore, increased by ₹1,271 crore QoQ. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds, and fixed deposits with banks.
• CRISIL Ratings and India Ratings have maintained the ratings of Vedanta at CRISIL AA- and IND A+ respectively in 1Q FY25 while continuing on Watch with developing implications.
• In 1Q FY25, ICRA Ratings assigned a rating of ICRA AA- while placing the ratings on Watch with Developing Implications.

1QFY25 Awards and Recognitions –

• Risk Management: Double Sweep for Hindustan Zinc Limited at ICICI Lombard India Risk Management Awards – Best Risk Practice and Master of Risk in ESG
• Safety: Cairn India won RoSPA Gold Award 2023 for occupational health and safety by The Royal Society for the Prevention of Accidents.
• Business Excellence:
  • Vedanta Limited Lanjigarh received “Par excellence” award for elevated efficiency though power of ‘5S’’ at 10th National Conclave On ‘5S’ by Quality Circle Forum of India
  • Hindustan Zinc received Best TQM Organisation Award at TQM India Unison 2024Hindustan Zinc won Digital Transformation Project of the Year Award at BW CFO Finance & Strategy Awards
• Sustainability:
• Vedanta Aluminium, Jharsuguda conferred with prestigious Kalinga CSR & Sustainability Excellence Award 2023 by IQEMS.
• Vedanta Limited Lanjigarh crowned as Best National Water Efficient Unit in Co-generation Power Plant by Council for Enviro Excellence

[1] Excludes custom smelting at copper business

[2] Excluding Deferred tax asset (DTA) of ₹ 662 crore created for utilization of brought forward losses pursuant to ongoing reorganization of capital structure in Avanstrate Inc (ASI)

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Bengaluru, June 17, 2024: The Vedanta Group’s strategic roadmap to a $10 billion near- term EBITDA will be powered by timely execution of 50+ high impact growth projects including those in Zinc, Aluminum, Oil & Gas and Power businesses. These projects are at an advanced stage of completion, as per a power point presentation made to more than 45 fund managers and analysts, who were on a site visit organized by Vedanta Group. PTI has reviewed a copy of the presentation.

Vedanta’s aluminum business has projects underway to achieve ~3.1 MTPA of integrated supply. It sits in the first quartile of the global cost curve, with the cost of production at multi year lows – $1711/T – with a 100% vertically integrated supply chain. The business has a 2x strong demand outlook with India’s domestic market set to double every 5 years.

Vedanta’s Zinc business, currently produces 1.2 MTPA (Zinc metal) at the cost of $1,000/t while silver volumes are at 800 MTPA. The business has 75% + market share in India’s primary zinc market and growth plan for 2 MTPA is currently under development.

Similarly, Vedanta Group’s Oil and Gas business is focusing on expanding resource base to >2 BBOE (billion barrels of oil equivalent) in next 3 years, with a production target of 300 KBOEPD (thousand barrels of oil equivalent per day). Additionally, the Vedanta Group has major projects under execution that include capacity expansion at the Lanjigarh alumina refinery from 3.5 to 5 MTPA, BALCO smelter from 0.6 to 1 MTPA and raising the overall power generation capacity from 2.9 GW to 5 GW. Together, the Vedanta Group is investing around $8 billion in its ongoing growth projects.

Several leading brokerage houses have taken note of this, upgrading their target price for the company.

Upgrading Vedanta’s price target to Rs 644, Nuvama in its report said, “We are raising FY25E/26E EBITDA by 5%/6% factoring in operational efficiency, lower aluminium CoP due to captive alumina and higher premiums for aluminium and zinc. Meanwhile, the approval by lenders shall allow for demerger of companies by end-FY25. We value VEDL ex-HZ at 6x FY26E EV/EBITDA (earlier 5.5x) and HZ at 7x FY26E EV/EBITDA, yielding a TP of INR644 (earlier INR542),”.

Further, Investec upgraded the target price to Rs 473. CLSA noted in its recent report that profitability improvement initiatives like major cost reductions via alumina refinery capacity expansion, higher power generation efficiency, commissioning coal blocks and bauxite mines will be key to a re-rating.

Vedanta’s existing assets along with the growth projects will potentially generate $5 billion in free cash flows while contributing significantly to nation building through sustainable return to stakeholders. The $10 billion near-term EBITDA includes $ 4.2 bn from Aluminium, $2.7 bn from Zinc India (Zinc and silver), and $0.9 billion from Oil and Gas.

The Group’s plans make it well positioned to capitalize on India’s economic growth as the country’s Gross Domestic Product (GDP) is expected to grow at a healthy rate, reaching $7 trillion by 2030 as per MoF’s economic review report.

The company has proposed a vertical split of the businesses and will list five additional entities on the stock exchanges, subject to receiving all regulatory approvals, by the end of this year.  As per the plan, for every one share of Vedanta Limited, the existing shareholders will additionally receive one share of the five newly listed companies. The demerger will create independent pure play companies in the Aluminium, Power, Base Metals, Oil & Gas and Steel and Ferrous, while Zinc and other existing businesses will remain under Vedanta Limited.

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