Vedanta stock falls 0.65% in weak market; Anil Agarwal-firm gets favourable ruling in oil block arbitration

Vedanta had initiated these arbitration proceedings after the government had sought additional share of profit from the company, while renewing its licence for the oil block in Rajasthan’s Barmer.

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The Vedanta stock was trading at Rs 237, down 0.65%, on the NSE in early trade on August 25 a day after an arbitration upheld the mining company’s contention regarding an oil block in Rajasthan.

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Vedanta had initiated proceedings against the Government of India for seeling an additional share in profit while renewing the company’s licence for an oil block in Rajasthan’s Barmer. The company said the additional share was not payable as per the terms of the production sharing contract. According to an exchange filing, the company is currently reviewing the award.

Also Read: Vedanta says its contention upheld in arbitration award in Rajasthan block case

The government had agreed to a 10-year extension when the license expired in 2020, but had asked for a higher share of profit in oil and gas from the block as well as the settlement of a Rs 5,651-crore dispute over cost recovery.

The Anil Agarwal-led conglomerate has business interests in natural resources, with presence in India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan, and Japan. Its scope of products includes Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminum, Power, and Glass Substrate.

In June 2023, the company announced that it was expanding into Semi-conductors and Display Glass. According to a release, the acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited’s Semiconductor and Display SPVs.

TSTL is a wholly-owned subsidiary of Volcan Investments Limited, a holding company of Vedanta Limited.

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