Anil Agarwal, a big industrialist in the metal and mining sector, has formed a new company. The name of the new company is Sesa Iron and Steel Limited and it has been registered in Goa. This company will work as a subsidiary of Vedanta Limited.
Vedanta’s new company will do this work
Vedanta Limited has informed the stock markets about the new company. He said that Sesa Iron and Steel Limited has been set up for growth projects. The new company will expand operations. A subsidiary of Vedanta is already working in Goa, named Sesa Goa Iron Ore. The company is engaged in the exploration, mining and processing of iron ore. The new company will take over Vedanta’s iron and steel business in Goa.
The company is headquartered in London
Iron ore is the most important raw material for iron and steel. Vedanta Resources is headquartered in London and this company is doing metal and mining business in many countries including India. The entire business in India is run through Vedanta Limited. Vedanta Resources reported earlier this week that the Zambian government has returned ownership and control of the Konkola Copper Mines to it. There was a dispute going on between the Zambian government. To settle the dispute, Vedanta Resources has promised to invest $1 billion in mining in Zambia. Company Chairman Anil Agarwal says that his company is committed to Konkola Copper Mines since 2004 and considers it a major part of its portfolio.
Challenges before the company
This development has happened at a time when Vedanta Resources is facing financial difficulties. The company has faced unprecedented economic crisis during the last few months. In view of this, Vedanta Resources is preparing to raise a new loan. The company is in talks with Standard Chartered Bank for a loan of $1.3 billion. This loan can be for 3 years and its rates can be around 14-15 percent.
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