Vedanta and Sesa Iron & Steel combine to increase their operations in Goa

Vedanta Ltd. established a new subsidiary called Sesa Iron and Steel Limited in the state of Goa to handle the iron and steel operations. "Sesa Iron and Steel Limited 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 Ltd, 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.

The mineral copper is essential to the development of future technology. In addition to meeting India's rapidly expanding demand, Vedanta will become a fully integrated copper producer, elevating Zambia to the position of the world's top copper producer.