Commemorating the 10th Anniversary, Group Chairman Anil Agarwal articulates his vision
IndiaCSR News Network
LONDON/MUMBAI: Anil Agarwal, Group Chairman, Vedanta Resources Plc and Tom Albanese, Group CEO, Vedanta Resources Plc opened the market at the London Stock Exchange today to commemorate 10 years of Vedanta’s main market listing. Present at the occasion was His Excellency Mr. Ranjan Mathai, the High Commissioner of India.
At the time of flotation in 2003, Vedanta was the first Indian company to seek a full listing on the London Stock Exchange, and it immediately qualified to enter the FTSE 250. The Company’s IPO was the second-largest of the year in London.
During the past decade, Vedanta has played an important role in changing India’s investment climate by infusing over $25 billion into its Indian businesses. Significantly, Vedanta is one of the largest taxpayers in India and has contributed last year 0.4% to India’s GDP.
“Vedanta’s listing has played a crucial role in building Vedanta into the company it is today. We are proud of what we have achieved and would like to thank all stakeholders who have contributed to the Group’s success. I look forward to augmenting this success with more decades of partnership in London,” commented, Group Chairman, Anil Agarwal.
Elaborating on his vision, Anil Agarwal asserted, “The Vedanta Group is passionately committed to India’s growth. With the new Government’s intent on speedy infrastructure development, affordable housing for the masses, and a ‘Make in India’ vision to transform the nation into a global manufacturing hub, we believe Vedanta possesses the wherewithal to facilitate the Prime Minister’s dream of a new India. Through judicious utilisation of natural resources, the metals, mining and manufacturing industries can create millions of new jobs, uplifting millions of families above the poverty line. This can transform India’s economic scenario and make the mantra of inclusive development a ground reality.”
Vedanta, since it’s London listing has provided international investors exposure to the fast-growing Indian market. Vedanta’s share price has soared 175% since listing, outperforming the FTSE 100 and FTSE 350 Mining indices by a significant margin. The Group has delivered a total shareholder return of 12% per annum since flotation, returning $1.4 billion of capital to shareholders. Vedanta has an EBITDA of about $4.5 billion for the financial year 2014 while the combined market capitalization of all of the Group’s listed companies now stands at approximately $40 billion.
Today, Vedanta is amongst the largest globally-diversified natural resources company. It has increased production ten-fold since 2003, with strong organic growth supported by select acquisitions, including Cairn India, KCM, Anglo American Zinc and Sesa Goa (now Sesa Sterlite). The Group employs 88,000 people directly and indirectly across four continents, with specific focus on India and Africa, where it holds the majority of its assets. Its community development programmes have benefited more than four million people in local communities where the Group operates.