Vedanta Named Preferred Bidder for Bauxite Block in Odisha
On Wednesday, Vedanta Ltd announced that it had been declared as the preferred bidder for the Sijimali bauxite block, located in the Rayagada and Kalahandi districts of Odisha. The block was auctioned off by the Odisha government as part of its mineral block auction.
According to Vedanta Ltd, the Sijimali bauxite block is a strategic fit for the company due to its size, location, and bauxite quality. The block is estimated to have reserves of 311 million tonnes of bauxite.
Vedanta Ltd is a global natural resources company with diversified operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power. The company operates in India, South Africa, and Namibia and is a subsidiary of Vedanta Resources Ltd.
This acquisition is expected to have a significant impact on Vedanta Ltd’s operations in the region, and the company looks forward to bringing the block into production.
About Vedanta:
Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminium, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE.
Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan.
Presently, India accounts for ~65% of total revenues, followed by Malaysia (9%), China (3%), UAE (1%) and others (22%).
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