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Albanese, whose contract was extended in March for five months, will step down from the board but will remain chairman of Vedanta's Zambian copper business, Konkola Copper Mines.
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From the side-lines of CNBC-TV18 Global Natural Resources Conclave in Delhi Anshu Sharma caught up with CEO of Vedanta, Tom Albanese and began by asking him about minimum import price (MIP) for aluminium sector.
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Albanese said with focus on simplifying the group structure, the Vedanta and Cairn India merger is expected to be completed in the first quarter of CY 2017. The proposed merger was approved by all sets of shareholders in September 2016.
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Recent reports show that discoveries of new oil reserves have dropped to their lowest level for more than 60 years. The chief of one of the world's largest diversified natural resources companies implied that this could potentially cause supply shortages.
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Infosys more likely to grow at 12-13 percent instead of 25-30 percent is the word coming in from Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services after attending the Infosys analyst call.
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Merger of cash rich oil explorer
Cairn India with its debt-laden parent Vedanta Ltd will create
a more capital efficient structure, Vedanta CEO Tom Albanese
said today.
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Last month, Vedanta revised the terms of an offer aimed at buying out the minority stake in Cairn India that it does not already own, after an initial offer stalled and a deal remained in limbo for months.
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Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia.
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Revenue during the quarter slipped 15 percent to Rs 14,437 crore on yearly basis due to fall in oil and metal prices, weaker power market and lower zinc volumes, which partially offset by ramp up in volumes at iron ore, power and aluminium.
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Albanese said the company would start using some new technologies which will help find deeper reserves which were never explored befo
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"In my view, provided we don't see any negative surprises coming out of China, the worst should be over for commodities," Vedanta Resources CEO Tom Albanese told PTI.
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The government holds 29.54 percent in HZL and its CEO Tom Albanese handed over a cheque of Rs 2,995 crore to Finance Minister Arun Jaitley towards the dividend.
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"Vedanta Ltd...has been given the 'Sustainable Plus Platinum label' for FY 2015 by the Confederation of Indian Industry (CII)," the company said in a statement.
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"India comes up as an alternative buyer. It is a country growing in terms of steel and iron ore demand so that might be an area to keep an eye on," Annalisa Jeffries, associate editorial director for Asia metals at Platts, told CNBC on Friday.
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Carroll, who sits on the board of oil major BP, will join as the chairwoman of Vedanta Resources Holdings Ltd, in an advisory role.
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Vedanta is likely to recommence iron-ore mining operations from August 10, 2015 at its biggest mine at Codli in Sanguem taluka in Goa.
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The Anil Agarwal-led group had clocked a EBITDA (earnings before interest, taxes, depreciation, and amortisation) of USD 1.04 billion in the first quarter of last fiscal.
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The mining and energy group, which has been hit by a slump in crude prices and mining bans in key producing states, also posted a consolidated net profit of 8.66 billion rupees (USD 135.61 million) for its fiscal first quarter to June 30.
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Mining baron Anil Agarwal-run Vedanta Ltd on Friday said itsmerger with cash-rich Cairn India is not for refinancing its Rs 77,752 crore gross debt, but to simplify the group's business structure.
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Anil Agarwal's bonus up 28% to Rs 8.85 cr in FY15
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Minority shareholders of Cairn, who have seen share prices almost halve to Rs 170-180 in past one year on back of the company cutting exploration expense and falling oil prices, have criticised the offer of one Vedanta Ltd share and one 7.5 percent preference share in Vedanta Ltd for every share they hold.
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"This has gone to Court process. We have a provisional attachment order. We will ensure that we remain secure, whatever position changes we will ensure our security. We are certainly keeping watch on it," CBDT Chairperson Anita Kapur told reporters here.
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Tom Albanese, CEO, Vedanta Resources, says he is encouraged by the positive response from analysts and shareholders. He says the ultimate aim is to build a diversified business with a simple structure with each business focussed on long-term growth prospects.
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A mining ban that had been in place in Goa since September 2012 was lifted last year, but the resumption of operations was delayed while the government gave environmental clearance.
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Vedanta Limited, the Indian subsidiary of London listed, Vedanta Resources Plc, a globally diversified natural resources company, is engaged in the exploration and production of aluminium, zinc, lead silver, copper, iron ore, oil & gas and commercial power.
