SEPTEMBER 20248VEDANTA'S GLASS BUSINESS TO GROW 10X POST ACQUISTION OF AVANSTRATE INC.CABINET TO INCREASE VAT ON PETROLEUMVedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc. (ASI), a Japanese display glass manufacturer, to 98 percent, following the acquisition of 46.57 percent equity from Hoya Corporation. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt. Fuel prices in Punjab are set to rise following a decision by the state Cabinet to increase the value-added tax (VAT) on petrol and diesel. The VAT on petrol will increase by 61 paise per litre, while diesel will see a rise of 92 paise per litre. This decision TOP STORIESwas made during a meeting chaired by Punjab Chief Minister Bhagwant Mann.Finance Minister Harpal Singh Cheema explained that the VAT increase is expected to generate an additional Rs 395 crore in revenue from diesel and Rs 150 crore from petrol. However, Petrol Pump Dealers' Association spokesperson Monty Sehgal criticized the hike, noting that it will likely drive customers in border districts to seek cheaper fuel in neighboring states, negatively impacting local sales.Fuel prices in Punjab are set to increase following a decision by the state Cabinet to raise the value-added tax (VAT) on petrol and diesel. On Thursday, the council of ministers, chaired by Punjab Chief Minister Bhagwant Mann, approved a VAT increase of 61 paise per litre for petrol and 92 paise per litre for diesel.Currently, the retail price of petrol in Mohali is Rs 97.01 per litre, while diesel is priced at Rs 87.21 per litre. These rates are already higher than those in Chandigarh, where petrol costs Rs 94.24 per litre and diesel is Rs 82.40 per litre.Finance Minister Harpal Singh Cheema, addressing the media after the Cabinet meeting, explained that the VAT increase is expected to generate an additional Rs 395 crore in revenue from diesel and Rs 150 crore from petrol. ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing. ASI is well-positioned to strengthen its role in the global electronics and display industry by enhancing its R&D capabilities, developing advanced technologies and expanding its production capacity to meet increasing global demand.Akarsh Hebbar, Global Managing Director of AvanStrate Inc., said, "We are confident in the immense potential that lies ahead for AvanStrate. With Vedanta's proven expertise in large-scale operations and deep understanding of the dynamic market, we are well-equipped to enhance AvanStrate's operational efficiency and innovation capability. Currently, only three more companies worldwide possess the expertise to manufacture advanced LCD technologies at the level we do. Taiwan is the hub for advanced technology and we have our plant in Tainan. We are here to grow and develop new partnerships for high-tech products. With the experienced team we have at AvanStrate, we are sure of realizing our vision."The global market for display glass applications is estimated to be US $ 42 Bn and is projected to reach ~US$ 60 Bn by 2030. AvanStrate, with its advanced manufacturing capabilities and strategic partnerships, is well-positioned to meet these demands and contribute significantly to the global supply chain.
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