Vedanta has formally established a new subsidiary named “Sesa Iron and Steel” in the state of Goa, as confirmed by official regulatory documents. In a filing made with stock exchanges, the company explained that “Sesa Iron and Steel Limited has been created to facilitate growth initiatives and oversee the expansion of its operations.” It’s worth noting that within the Vedanta Group, Sesa Goa Iron Ore is also based in the western state and specializes in the exploration, mining, and processing of iron ore, which is a crucial raw material for iron and steel production. However, mining activities in the state have been on hold since a Supreme Court ruling in 2018.
This development follows closely on the heels of an announcement by Vedanta Resources, the parent company listed in India. They revealed the return of ownership and operational control of their Konkola Copper Mines (KCM) in Zambia to the Zambian government. A dispute had arisen between Vedanta Resources and the Zambian government, but it was resolved after Vedanta committed to investing more than $1 billion in the mines.
Vedanta Group Chairman Anil Agarwal reiterated his commitment, stating, “We have upheld our commitment to KCM since 2004 and view it as a valuable asset in our portfolio.” He went on to emphasize the importance of copper as a critical mineral for future technologies, expressing Vedanta’s intention to become a fully integrated copper producer to meet the growing demand in India and position Zambia as the world’s leading copper producer.