DIRS.INFO The most relevant business & tech news

☆ Asia’s breakup party is happening under duress
▼ + stars: | 2023-10-04 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

As with other big breakups in the region however, there are unspoken reasons for him to join the party. Vedanta Resources is in talks with bondholders to extend the maturity by roughly three years on about $3.2 billion of debt due in 2024 and 2025. But even then, Vedanta Resources may still have a funding gap until 2027 under certain conditions, according to JPMorgan. Even if those were sold for as much as $1.5 billion, JPMorgan estimates Vedanta Resources will at most receive only $350 million in net proceeds. For every one share in Vedanta, shareholders will receive one additional share of each of the five new companies.

Persons: Anil Agarwal, Ajay Agarwal, Vedanta, Mukesh Ambani, Una Galani, Katrina Hamlin Organizations: Reuters, Vedanta, Vedanta Resources, London Stock Exchange, JPMorgan, Hindustan, HK, Reliance Industries, Thomson Locations: BENGALURU, Mumbai, Hindustan, People’s Republic, Asia, Vedanta

☆ Vedanta is preparing to demerge sprawling operations- Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. The move to demerge could help Vedanta's parent, Vedanta Resources, to manage its debt load, according to Bloomberg's report, which added that Vedanta Resources will remain the holding company for the new units. Vedanta did not immediately respond to a Reuters request for comment on the report outside business hours. The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed. Vedanta Resources has been scrambling to raise funds due to rating downgrades and concerns about meeting debt obligations.

Persons: Danish Siddiqui, Anil Agarwal, Agarwal, Akanksha, Shweta Agarwal Organizations: Vedanta, REUTERS, Danish, India's Vedanta, Bloomberg, Vedanta Resources, Resources, Hindustan Zinc Ltd, Vedanta Ltd, Thomson Locations: Mumbai, India, Hindustan, Bengaluru

☆ India's Vedanta hits over 1-year low after Moody's downgrades parent
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Shares of Indian conglomerate Vedanta (VDAN.NS) fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment." Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook. Vedanta was the top loser on the Nifty 100 index (.NIFTY100), which was down 0.26%.

Persons: Danish Siddiqui, Anil Agarwal, Vedanta, Rama Venkat, Dhanya Ann Thoppil Organizations: Vedanta, REUTERS, Danish, Rights, Moody's Investors Service, Resources, Vedanta Resources, Thomson Locations: Mumbai, India, Caa2, Caa1, Bengaluru

A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added. The legal details of the agreement and reinstatement of the KCM board, would be finalised within the next three months, the minister said. The forced takeover nearly paralysed operations at the KCM and triggered protracted battles, with Vedanta mounting legal battles including approaching an arbitration court in London to recover the copper assets. The government, which seeks to triple copper output over the decade, is also searching for a new investor for Mopani Copper Mines. Reporting by Chris Mfula; Writing by Felix Njini; Editing by Olivia Kumwenda-Mtambo, David Evans, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Kabuswe, Kabuswe, Anil Agarwal, Edgar Lungu's, Hakainde Hichilema, Vedanta, KCM, ZCCM, Chris Mfula, Felix Njini, Olivia Kumwenda, David Evans, Alexandra Hudson Organizations: Vedanta Resources, IH, Vedanta, Mopani, Mining, Alexandra Hudson Our, Thomson Locations: Zambia, LUSAKA, KCM, ZCCM, London, Lusaka

☆ India woos U.S. chip giants as it looks to become a semiconductor superpower
▼ + stars: | 2023-07-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi has looked to woo American semiconductor firms to invest in his country. India's chip strategyIndia's chip strategy consists of two major parts. At SemiconIndia, the American chip firms in attendance spoke about their investments in India and announced new ones, highlighting India's focus on attracting foreign companies. Last month, Micron announced plans to set up a semiconductor assembly and testing facility in the state of Gujarat in India. The chip manufacturing tie-up between Vedanta and Foxconn reportedly relied on technology from European semiconductor firm STMicroelectronics.

Persons: Narendra Modi, Anna Moneymaker, Modi, Ajit Manocha, Jefferies, Manocha, …, Mark Papermaster, Sanjay Mehrotra, Ashwini Vaishnaw, Young Liu, Foxconn, hasn't, Liu, Anil Agarwal, Pranay Kotasthane, haven't, Kotasthane Organizations: Indian, Getty Images, U.S, Micron, Cadence, Applied Materials, AMD, SemiconIndia, U.S ., Vedanta, CNBC, TV18, Takshashila Locations: U.S, Taiwan, South Korea, U.S . New Delhi, India, America, SemiconIndia, Bangalore, Gujarat, Vedanta

☆ India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 18 (Reuters) - India's Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country's western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added. After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details. Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan. Reporting by Sethuraman NR and Aleef Jahan in Bengaluru; Editing by Savio D'Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Taiwan's, Anil Agarwal, Taiwan's Foxconn, Foxconn, Vedanta, Foxconn's pullout, Aleef, Savio D'Souza, Maju Samuel Organizations: Vedanta Semiconductors, Reuters, Sethuraman, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ India's Vedanta to enter the chip market this year after Foxconn split
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn (2317.TW) pulled out of the $19.5 billion chipmaking project. Foxconn separately intends to apply for incentives under India's semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will "this year, subject to government approval" begin its foray to setup its semiconductor and display units. After Foxconn pulled out, Vedanta said it has lined up partners for the venture, without giving any further details. Volcan Investments, Vedanta's holding company and Foxconn had signed a pact last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state Gujarat in western India.

Persons: Anil Agarwal, Foxconn, Agarwal, Vedanta, Narendra Modi's, Foxconn's pullout, Tanvi Mehta, Nivedita Bhattacharjee, Louise Heavens Organizations: Volcan Investments, Reuters, JV, Sethuraman NR, Thomson Locations: BENGALURU, Volcan, Gujarat, India, Bengaluru, New Delhi

☆ India's slow progress in becoming a chipmaking powerhouse to rival China is bad news for Apple
▼ + stars: | 2023-07-12 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Apple has long depended on China for manufacturing, but the relationship is getting complex. Two recent developments suggest India's push to become a viable alternative to China — and benefit Apple — are mixed. "Foxconn has determined it will not move forward on the joint venture with Vedanta," Foxconn said in a statement to Reuters. That's a critical blow to Modi, who set out chip manufacturing as a strategic part of his ambitions to level up India. Vedanta chairman Anil Agarwal tweeted that the joint venture meant "India's own Silicon Valley is a step closer now."

Persons: Foxconn, —, China's, Luxshare, JP Morgan, Tim Cook, Modi, Madhuri Dixit, Mukesh Ambani, Narendra Modi, That's, Europe's, Anil Agarwal, Agarwal Organizations: Apple, Apple ., Tata Group, Bloomberg, Vedanta, Reuters Locations: China, India, Asia, China's hawkishness, Taiwan, Vietnam, Beijing, Mumbai, iPhones, Karnataka, Modi's, Gujarat, Cupertino

Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem." India expects its semiconductor market to be worth $63 billion by 2026, but Modi's plan has so far floundered. The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported. Like Foxconn, the Indian government has said the breakup of the JV had "no impact" on India's semiconductor plans, adding that both companies were "valued investors" in the country.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, IGSS, Ann Wang, Vedanta, Anil Agarwal, Vedanta's, Yimou Lee, Ben Blanchard, Tanvi Mehta, Aditya Kalra, Jacqueline Wong, Sonali Paul, Alexander Smith Organizations: India, JV, Vedanta, TW, Semiconductors, IGSS Ventures, ISMC, Intel, Reuters, REUTERS, Vedanta's, Vedanta Ltd, Vedanta Resources, Thomson Locations: chipmaking, India, TAIPEI, MUMBAI, Singapore, New Taipei City, Taiwan, Vedanta's India, Vedanta's London, Taipei, Mumbai, New Delhi, Pandya, Bengaluru

☆ Troubles of Indian tycoon Anil Agarwal's Vedanta mount as Foxconn ditches JV
▼ + stars: | 2023-07-11 | by ( Tanvi Mehta | ) www.reuters.com time to read: +3 min

He then expanded his empire across India, Zambia, Namibia, Ireland and South Africa and later entered the oil and gas sector. London-headquarted Vedanta Resources controls the India unit, Vedanta Ltd. Agarwal took Vedanta Resources private in 2018. Vedanta's gross debt stood at $6.8 billion as of April end, after the company completed 75% of its debt reduction commitment. FOXCONN JVVedanta-Foxconn had sought incentives from Prime Minister Narendra Modi's government and several Indian states for its Foxconn JV to manufacture semiconductors. Relations between Zambia and Vedanta broke down several years ago and culminated in the state appointing a liquidator for the KCM assets in May 2019.

Persons: Foxconn, Anil Agarwal, VEDANTA, Agarwal, Agarwal's, Akarsh Hebbar, Moody's, Narendra Modi's, Paul Kabuswe, Vedanta, Tanvi Mehta, Aditya Kalra, Sonali Paul Organizations: Vedanta, Resources, India's, Forbes, JV, Reuters, Thomson Locations: DELHI, Mumbai, India, Zambia, Namibia, Ireland, South Africa, London, Tamil Nadu, Odisha

☆ India, Foxconn's worries over Vedanta's financials led to JV pullout - sources
▼ + stars: | 2023-07-11 | by ( Yimou Lee | ) www.reuters.com time to read: +1 min

Indian conglomerate Vedanta Ltd's (VDAN.NS) London-based parent, Vedanta Resources, has been plagued by a rising debt pile. In a statement to Reuters, Vedanta said its Indian unit, Vedanta Ltd, is in "a comfortable financial position" and there was "no basis" to such speculation. Some ratings agencies downgraded Vedanta Resources this year amid concerns about risks of a debt default. There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said. Reporting by Yimouy Lee; Additional reporting by Aditya Kalra and Munsif V; Editing by Himani Sarkar and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Vedanta, Anil Agarwal, Yimouy Lee, Aditya Kalra, Himani Sarkar, Emelia Organizations: Reuters, Vedanta, Vedanta Resources, Vedanta Ltd, Thomson Locations: TAIPEI, London

☆ Foxconn withdraws from $19.5 bln Vedanta chip plan in India
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. * Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. * Sept. 14, 2022: Vedanta's Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV. * May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics (STMPA.PA) are deadlocked. * July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason.

Persons: Foxconn, Narendra Modi's chipmaking, Vedanta, Vedanta's Anil Agarwal, Chandrasekhar, Tanvi Mehta, Alexander Smith Organizations: Vedanta, Indian, JV, Reuters, Thomson Locations: DELHI, India, Gujarat

SummarySummary Companies Mines minister says agreement with Vedanta Resources imminentVedanta says both parties want to sees mines in productionNAIROBI/LUSAKA, July 5 (Reuters) - Zambia is close to resolving a dispute with Vedanta Resources (VEDJB.UL) over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit "imminent", its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several years ago, culminating in the state's take-over of the KCM assets and forced liquidation in May 2019. The move triggering protracted legal battles, with Vedanta approaching an arbitration court in London to fight off the seizure of the copper assets. "The negotiations are advanced and an announcement is imminent," Zambia's Mines Minister Paul Kabuswe told Reuters. "We are concerned with the levels of deterioration of not only the mines but also socio-fabric of the workers," the spokesperson told Reuters.

Persons: KCM, Vedanta, Paul Kabuswe, Kabuswe, Situmbeko Musokotwane, Hakainde Hichilema, Anil Agarwal, Felix Njini, Chris Mfula, Jan Harvey Organizations: Mines, Vedanta, Vedanta Resources, Zambia's Mines, Reuters, Mining, Thomson Locations: NAIROBI, LUSAKA, Zambia, London, Africa's, Nairobi, Lusaka

☆ India poised to deny funding for Vedanta-Foxconn chip venture - Bloomberg News
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui//File Photo/File PhotoMay 31 (Reuters) - The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday, a setback to the billionaire's ambition to build India's 'own Silicon Valley.' The venture's application seeking billions in government assistance hasn't met the criteria set by the government, the report said. Foxconn declined to comment on the report, while India's technology ministry and Vedanta did not immediately respond to Reuters requests for comment. "India's own Silicon Valley is a step closer now," Agarwal had said last year after the announcement.

Persons: Danish Siddiqui, Anil Agarwal's, Taiwan's Foxconn, hasn't, Foxconn, Foxconn –, –, Agarwal, Anusha, Shailesh Organizations: Vedanta, REUTERS, Danish, Bloomberg, Hai Precision Industry Co, Thomson Locations: Mumbai, India, Gujarat, Bengaluru

☆ KKR to invest $250 million more in India's Serentica Renewables
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

Companies KKR & Co Inc FollowBENGALURU, May 1 (Reuters) - U.S. private equity firm KKR & Co Inc (KKR.N) will invest an additional $250 million in Serentica Renewables, the Indian decarbonisation platform said on Monday. "This latest investment will support the company's effort to achieve 4000MW of installed renewable energy capacity that will aid clean energy delivery to large-scale industrial customers," Serentica Renewables said in a statement. KKR, which jointly holds Serentica with billionaire Anil Agarwal's Twinstar Overseas Ltd, had in November committed to invest $400 million in the company. Founded last year, Serentica focuses on industrial decarbonisation by making renewables the primary source of energy for the commercial and industrial sectors, that use more than 50% of the electricity generated in India. Reporting by Navamya Ganesh Acharya and Rama Venkat in Bengaluru; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Prize winner 2023: Zambian who took on a UK mining giant and won
▼ + stars: | 2023-04-26 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

Chilekwa Mumba Courtesy Goldman Environmental PrizeOn Monday, Mumba, 38, was awarded the 2023 Goldman Environmental Prize for Africa for his work for the community and setting legal precedent. The prize is awarded each year by The Goldman Environmental Foundation, with ceremonies in San Francisco and Washington, DC. CNN has contacted Vedanta and the Zambian state mining company for comments. The government, however, says that approved projects will follow environmental policies set by the Zambia Environmental Management Agency (ZEMA). For Mumba, who now runs an orphanage in the Zambian capital Lusaka with his wife, the battle is far from over.

Search resuls for: "Anil Agarwal"

16 mentions found