SEPTEMBER 20238TOP STORIESVedanta established a new subsidiary called Sesa Iron and Steel in the state of Goa to handle the iron and steel operations. "Sesa Iron and Steel is incorporated for growth projects and to undertake expansion of its operations," the business stated in a regulatory filing with the stock exchanges.Sesa Goa Iron Ore, a subsidiary of Vedanta Group, is situated in the Western state and is involved in iron ore exploration, mining, and processing. For the production of iron and steel, iron ore is a crucial raw resource. However, as a result of a Supreme Court decision in 2018, mining has been stopped in the state. This news comes a day after Vedanta Resources, the parent company of India-listed Vedanta revealed that the Zambian government has resumed ownership and operational control of its Konkola Copper Mines (KCM) in Zambia.Vedanta Resources and the Zambian government had a disagreement that was eventually settled when Vedanta Resources agreed to invest more than $1 billion in the mines. Anil Agarwal, chairman of the Vedanta Group, stated on Wednesday, "We have been devoted to KCM since 2004 and believe that it is a treasured asset in our portfolio. STERLING & WILSON RENEWABLE AIMS TO RAISE 1,500 CRORE IN EQUITYVEDANTA & SESA IRON & STEEL COMBINE TO INCREASE THEIR OPERATIONS IN GOASterling and Wilson Renewable Energy (SWREL), a company promoted by the Shapoorji Pallonji Group, is thinking about selling equity shares to raise up to Rs. 1,500 crore to pay off debt due this fiscal year. According to the individuals cited above, one of the options being considered is selling shares to investors using the qualified institution placement (QIP) method.Payment liabilities for the power generation company, in which a Reliance Industries-affiliated subsidiary acquired 40 percent interest in 2022, totaled 1,000 crore by December 2023. The decision to raise money was made shortly after two bank guarantees (BG) totaling 390 crore rupees were invoked by clients from abroad who claimed that a project carried out by the company's overseas subsidiaries Wilson International Solar FZCO and Sterling had been improperly executed. Sterling contends that the bank guarantees were incorrectly used and has taken legal action against the two clients. In order to fulfil its obligation to pay 390 crore by the end of October 2023, SWREL extended corporate guarantees in favour of these BGs, which were issued by Emirates National Bank of Dubai.
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