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Vedanta Resources

Vedanta Resources plc is a diversified and integrated metals and mining group headquartered in London, England. Vedanta was first listed on the London Stock Exchange in December 2003 and became a constituent of the FTSE 100 Index in June 2006.

History

The business was founded by Anil Agarwal in 1976 as Sterlite Industries operating in the industrial sector. Vedanta Resources was established in 1986 to bring together a variety of businesses owned by the Agarwal family including Sterlite Industries. Vedanta Resources was first listed on the Bombay Stock Exchange in 1988 and on the London Stock Exchange in 2003. In 2004 it acquired a 51% stake in Konkola Copper Mines in Zambia.

Operations

The Company's principal operations are located in India, with a major market share in the metals: aluminium, copper, zinc and lead. There are also substantial copper operations in Zambia and Tasmania, Australia. Vedanta's subsidiary Sterlite Industries is one of India's largest mining companies while Konkola Copper Mines is the largest mining company in Zambia.

Other subsidiary companies owned by Vedanta Resources include Hindustan Zinc Limited, Bharat Aluminium Company and Madras Aluminium Company. Vedanta Resources also has a major stake in iron ore exporter, Sesa Goa.

Criticism

Vedanta has come under attack from human rights and activist groups due to their operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh that populate this region. Many villagers have been displaced in order to accommodate Vedanta’s bauxite refinery and as a result have lost their livelihoods and the ability to live self-sufficiently. India's Supreme Court has banned the company from mining operations in the mountains but accepted an application from Vedanta’s Indian subsidiary, Sterlite to carry out such activities.