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Vedanta Ltd board may approve 1st interim dividend for FY22 next week

August 30, 2021 01:27 PM

Vedanta board may approve 1st interim dividend for FY22 next week
Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading diversified natural resource companies with business operations in India

Vedanta Ltd on Saturday said its board will meet next week to consider and approve the first interim dividend for 2021-22.

“…the board of directors of the company (the Board) on Wednesday, September 1, 2021, will consider and approve the first interim dividend on equity shares, if any, for the financial year 2021-22,” Vedanta Ltd said in a filing to BSE.

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world’s leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia.

Also Read: Tata Steel to spend Rs 8,000 cr on capex for India operations in FY22

Vedanta (then called Sterlite industries) began in the 1980s, as the founder D.P.Agarwal founded Sterlite Industries (India) Limited in Mumbai and began to buy mining concessions in different states of India. He was soon joined by his two sons, Navin Agarwal and Sunil Agarwal, both of who currently run the company.

In 1992, they established Volcan investments in Nassau (Bahamas) as the main holding company for their mines. D.P.Agarwal had a small aluminium conductor business in Patna. His son Anil Agarwal had come to Mumbai to expand their business.

In the 1990s, as the Indian government began to sell off sick (non-performing) companies, Sterlite began to bid for them. They were able to bid successfully for BALCO and Hindustan Zinc Limited, both bankrupt companies that had been closed down for 4 years.

Meanwhile, in January 1993, D. P. Agarwal founded Twinstar Holdings Limited in Mauritius, which was mostly owned by Volcan investments. On 26 May 2002, the Enforcement Directorate filed a show cause notice with Sterlite, relating to the six-year period between 1993 and 1999 when Twinstar acquired the shares of Sterlite and various investment companies.

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