Vedanta

The Indian government is likely to reject crucial funding for Anil Agarwal's chip venture, said sources.  Notably, the government authorities will likely inform the joint venture between Taiwan's Foxconn and Vedanta that it will not be receiving incentives for the production of 28-nanometer chips. The announcement will be a blow to Anil Agarwal's dream of establishing India's version of Silicon Valley. The venture failed to meet government's… read-more

Vedanta Resources announced an investment of Rs 25,000 crore for the expansion of its aluminium, ferrochrome and mining business in Odisha. The decision to have investment in "Make in Odisha" initiative was made on September 16, after the Vedanta representative met with Odisha CM Naveen Patnaik. Vedanta already has the single largest investment of Rs 80,000 crore in the state and its quantum of investment contributes 4% GDP.

London-based natural resource company Vedanta group is planning to raise $8 billion to acquire Bharat Petroleum Corporation Limited. Moreover, it has also approached JP Morgan to seal the deal. Earlier in November, the group had vowed to buy the government 53% stake in BPCL. By divesting the assets of BPCL, the government expects to raise nearly Rs 45,000 crore, which will be utilized to revamp the Covid-19 stricken economy.