Vedanta group firm Sesa Goa has deferred 10-25 per cent of salaries to its senior employees as it grapples with huge erosion in sales and profits on account of ban on mining in Goa and Karnataka, a top company official said today.
Vedanta group firm Sesa Goa today said it may have to resort to imports of iron ore for feeding its 6.25 lakh tonnes pig iron plant in Goa due to a mining ban in the state.
Sesa Goa expects the Supreme Court to lift mining ban in Karnataka by June-July this year. The company‘s iron ore production declined 27% to 13.80 million tonnes (MT) in FY12 due to this mining ban. The SC had banned mining in Karnataka last year due to environmental concerns
Under Vedanta's fold, Sesa Goa has transformed into an aggressive, growth-hungry mining company. Its Liberian acquisition could catapult it into the top ranks globally
Sesa Goa Ltd, a Vedanta Group company has cut its year-on-year volume growth projection for FY12 at 15% from 25% estimated earlier due to export ban in Karnataka and other issues, said P.K Mukherjee, managing director of the company.