Goemkarponn Desk
PANAJI: Vedanta Ltd has incorporated a new subsidiary called Sesa Iron and Steel Limited in the state of Goa for handling iron and steel business, as per regulatory filings.
“Sesa Iron and Steel Limited is incorporated for growth projects and to undertake expansion of its operations,” the company mentioned in a regulatory filing with the stock exchanges.
Vedanta Group’s Sesa Goa Iron Ore is also based in the Western state and is engaged in exploration, mining and processing of iron ore. Iron ore is a key raw material for producing iron and steel. However, mining in the state has been halted following a Supreme Court ruling in 2018.
This comes a day after Vedanta Resources, the parent company of India-listed Vedanta Ltd, announced that ownership and operational control of its Konkola Copper Mines (KCM) in Zambia had been returned to it by the Zambian government.
There had been a dispute between Vedanta Resources and the Zambian Government, which got resolved after the mining major committed to investing over $1 billion in the mines.
“We have been committed to KCM since 2004 and believe that it is a prized assin our portfolio,” Vedanta Group chairman Anil Agarwal said on Wednesday.
“Copper is a critical mineral for the technologies of the future. Vedanta will become a fully integrated producer of copper and cater to India’s fast-growing demand while also making Zambia the leading producer of copper in the world,” he said.
