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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Though the American short seller’s report lacks bite, it does show that Agarwal’s Vedanta Resources continues to face headwinds of several kinds.
Anil Agarwal is a self-declared king of the Vedanta Resources mining empire, not a conman heading a Ponzi scheme. But that’s the picture US-based investigative financial research firm Viceroy Research wants to paint of the billionaire entrepreneur with its scathingly worded report that was released on Wednesday.
Just that, it’s only half successful.
Declaring that it’s taken a short position on Vedanta Resources Ltd (VRL), the parent company of India-listed Vedanta Ltd (VEDL) and Hindustan Zinc Ltd (HZL), Viceroy alleges that the “entire group structure is financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors”. It calls …
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
Record earnings and a cleaner balance sheet offer relief, but muted production growth, delayed projects and a heavy reliance on favourable commodity cycles could weigh on the newly demerged entities of Anil Agarwal’s mining-to-metals group.
Despite a higher offer, creditors chose Gautam Adani’s Adani Enterprises—setting up a courtroom fight that raises questions over the bankruptcy resolution process’s priorities.
