Vedanta Resources - Revision history

Jewish Charity Bot: Category overhaul (approved)

2026-10-17T13:00:43Z

Category overhaul (approved)

Jewish Charity Bot: Category overhaul (approved)

2026-10-17T13:00:00Z

Category overhaul (approved)

Melissa Jones: /* Affiliations */

2015-08-25T03:22:14Z

Affiliations

Melissa Jones: deleting logo

2012-05-21T12:47:20Z

deleting logo

Dan Nemenyi at 22:13, 24 November 2011

2011-11-24T22:13:28Z

Dan Nemenyi: /* Vedanta's Cairn deal */

2011-11-18T13:51:46Z

Vedanta's Cairn deal

Dan Nemenyi: /* Vedanta's Cairn deal */

2011-11-18T13:51:16Z

Vedanta's Cairn deal

Dan Nemenyi: /* Vedanta's Cairn deal */

2011-11-18T13:48:57Z

Vedanta's Cairn deal

Miriam Rose: /* Wikileaks cables - Vedanta's tax evasion in Armenia */

2011-11-11T18:12:42Z

Wikileaks cables - Vedanta's tax evasion in Armenia

Miriam Rose: /* Wikileaks cables - Vedanta's tax evasion in Armenia */

2011-11-11T18:11:44Z

Wikileaks cables - Vedanta's tax evasion in Armenia

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 <references/>
 [[Category:Mining and Metals]]
 [[Category:Transnational Corporations]]

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 [[Category:Mining]]
 [[Category:Mining and Metals]]
 [[Category:Transnational Corporations]]

← Older revision		Revision as of 03:22, 25 August 2015
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	==Affiliations==		==Affiliations==
		+	*[[Robin Walker]] worked on the Vedanta account while an MP in 2010-11 working on a part time consultancy basis for PR and lobbying firm [[Finsbury]] in London.

	==People==		==People==

← Older revision		Revision as of 12:47, 21 May 2012
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	{{Template:Mining and Metals badge}}		{{Template:Mining and Metals badge}}
−	~~[[Image:Vedantalogo.jpg\|350px\|right\|thumb\|\|[[Vedanta Resources]] logo]]~~

	[[Vedanta Resources]] is an Indian owned and [[London Stock Exchange]] listed mining and metals company. It is one of the fastest growing and most controversial mining companies in the world. Vedanta and its subsidiaries operate copper, zinc, iron, lead, coal and aluminium mining and production in Asia, Africa, Australasia and Europe.<ref>Vedanta website [http://www.vedantaresources.com/about-us.aspx About Us] Accessed 20/07/11</ref>		[[Vedanta Resources]] is an Indian owned and [[London Stock Exchange]] listed mining and metals company. It is one of the fastest growing and most controversial mining companies in the world. Vedanta and its subsidiaries operate copper, zinc, iron, lead, coal and aluminium mining and production in Asia, Africa, Australasia and Europe.<ref>Vedanta website [http://www.vedantaresources.com/about-us.aspx About Us] Accessed 20/07/11</ref>

← Older revision		Revision as of 22:13, 24 November 2011
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	{{Template:Mining and Metals badge}}		{{Template:Mining and Metals badge}}
		+	[[Image:Vedantalogo.jpg\|350px\|right\|thumb\|\|[[Vedanta Resources]] logo]]
		+
	[[Vedanta Resources]] is an Indian owned and [[London Stock Exchange]] listed mining and metals company. It is one of the fastest growing and most controversial mining companies in the world. Vedanta and its subsidiaries operate copper, zinc, iron, lead, coal and aluminium mining and production in Asia, Africa, Australasia and Europe.<ref>Vedanta website [http://www.vedantaresources.com/about-us.aspx About Us] Accessed 20/07/11</ref>		[[Vedanta Resources]] is an Indian owned and [[London Stock Exchange]] listed mining and metals company. It is one of the fastest growing and most controversial mining companies in the world. Vedanta and its subsidiaries operate copper, zinc, iron, lead, coal and aluminium mining and production in Asia, Africa, Australasia and Europe.<ref>Vedanta website [http://www.vedantaresources.com/about-us.aspx About Us] Accessed 20/07/11</ref>

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 Vedanta is borrowing $7 billion to make the Cairn deal, raising its gross debt to $16 billion and causing speculation over whether this is a good move for the company.<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref>
-'''For more info on the British government's involvement in the Vedanta-Cairn deal, see [http://powerbase.info/index.php/Cairn_India#UK_government_pushes_Vedanta_Cairn_deal here]'''
+''For more info on the British government's involvement in the Vedanta-Cairn deal, see [http://powerbase.info/index.php/Cairn_India#UK_government_pushes_Vedanta_Cairn_deal here]''
 ==Wikileaks cables - Vedanta's tax evasion in Armenia==

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 ==Vedanta's Cairn deal==
-Vedanta secured a $8.5 billion takeover of Edinburgh oil company [[Cairn Energy]]'s subsidiary [[Cairn India]] in July 2011. The deal was delayed due to investigations by the Indian government into Vedanta's environmental track record and ability to manage strategically important oilfields, and disagreements over royalty rates between Vedanta and Rajahstani state owned company ONGC, a 30% shareholder in Cairn's largest producing oilfield which is in Rajahstan<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref><ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>. When the Indian government demanded an investigation into Vedanta's controversial track record before agreeing to the Cairn deal, the British government stepped in to urge the deal along and prevent 'unnecessary delays'<ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>. For more info on the British government's involvement in the Vedanta-Cairn deal, see [http://powerbase.info/index.php/Cairn_India#UK_government_pushes_Vedanta_Cairn_deal here]
+Vedanta secured a $8.5 billion takeover of Edinburgh oil company [[Cairn Energy]]'s subsidiary [[Cairn India]] in July 2011. The deal was delayed due to investigations by the Indian government into Vedanta's environmental track record and ability to manage strategically important oilfields, and disagreements over royalty rates between Vedanta and Rajahstani state owned company ONGC, a 30% shareholder in Cairn's largest producing oilfield which is in Rajahstan<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref><ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>. When the Indian government demanded an investigation into Vedanta's controversial track record before agreeing to the Cairn deal, the British government stepped in to urge the deal along and prevent 'unnecessary delays'<ref>Amy Kazmin, June 30th 2011, Financial Times. [http://www.ft.com/cms/s/0/117bf166-a327-11e0-a9a4-00144feabdc0.html#axzz1T72t416Z 'Delhi approves Vedanta Cairn deal']  Accessed 25/7/11</ref>.
 Vedanta is borrowing $7 billion to make the Cairn deal, raising its gross debt to $16 billion and causing speculation over whether this is a good move for the company.<ref>Richard Wachman [http://www.guardian.co.uk/business/2011/jul/31/vedanta-resources-cairn-energy-india-deal Vedanta given green light for $8.5bn Cairn deal] The Observer, Sunday 31 July 2011. Accessed 3/8/11</ref>
 ==Wikileaks cables - Vedanta's tax evasion in Armenia==

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 ==Wikileaks cables - Vedanta's tax evasion in Armenia==
-Wikileaks US embassy cable revealed a 2007 cable from the American Embassy in Armenia to Washington expressing concern about the [[Armenian Gold Recovery Company]] (AGRC) being forced out of Armenia by the president and other ministers over allegations of tax evasion and underreporting of profits. AGRC are 100% owned by [[Vedanta]]'s 83% subsidiary [[Sterlite]]. The cable states that;
+Wikileaks US embassy cable revealed a 2007 cable from the American Embassy in Armenia to Washington expressing concern about the [[Ararat Gold Recovery Company]] (AGRC) being forced out of Armenia by the president and other ministers over allegations of tax evasion and underreporting of profits. AGRC are 100% owned by [[Vedanta]]'s 83% subsidiary [[Sterlite]]. The cable states that;
 :AGRC has a poor reputation in Armenia as an exploitative company that does not protect workers' rights.  Vedanta and Anil Agarwal also have a poor reputation internationally and it is plausible that AGRC may have been involved in tax evasion and underreporting profits.<ref>US embassy cable - 07YEREVAN459 [http://cables.mrkva.eu/cable.php?id=104513 HARD TIMES FOR AGRC LEAVES OTHER INVESTORS WORRIED] American Embassy in Armenia to Washington 16/04/2007, Wikileaks US Embassy Cables. Accessed 11/11/11</ref>

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 AGRC owned two mines and a processing plant making them the largest foreign investor in 1999. In 2004 AGRC's proposal for a new processing plant near Lake Sevan was turned down by the Minister of Nature Protection due to unacceptable environmental impact on the lake, and AGRC was accused of tax evasion and failure to report profits. [[Anil Agarwal]] met with Armenia's President Kocharian in September 2006 and subsequently verbally agreed a $100 million investment plan for Armenia to mitigate the environmental impact of the plant and mines. The cables claim according to AGRC's CEO [[B.K Sharma]] that the written agreement of this proposal from the Armenian Government was substantially altered and not acceptable to AGRC who sent a revised proposal back. In January 2007 the President reacted by re-opening a 2005 official investigation into tax evasion and freezing AGRC's assets in February forcing them to halt operations. Despite making appeals to a number of embassies (including the US and German embassies who had an interest in AGRC buying millions of dollars worth of Catepillar equipment from a German supplier), it was too late and the operations had to be closed. AGRC's CEO claimed that they were being forced out to make way for Russian mining companies who would buy the mines at low price<ref>US embassy cable - 07YEREVAN459 [http://cables.mrkva.eu/cable.php?id=104513 HARD TIMES FOR AGRC LEAVES OTHER INVESTORS WORRIED]
-American Embassy in Armenia to Washington 16/04/2007, Wikileaks US Embassy Cables. Accessed 11/11/11</ref>. Subsequently Russian companies such as [[GeoProMining Gold]] have taken over the Ararat mines.
+American Embassy in Armenia to Washington 16/04/2007, Wikileaks US Embassy Cables. Accessed 11/11/11</ref>. In 2008 AGRC was purchased by a Georgian company - [[Madneuli Resources]]. A BBC article quoted a local trader on his fears about lack of community benefit saying; "People were promised jobs by the previous owners, but then Indian workers were brought in". <ref>BBC News, Kieran Cooke. 9/01/2008. [http://news.bbc.co.uk/1/hi/business/7153794.stm Armenia's controversial gold rush] Accessed 11/11/11</ref>
 ==Tax evasion==