Vedanta Limited, a leading global diversified natural resources company, has made significant announcements regarding its leadership and growth strategy. The company announced the superannuation of CEO Sunil Duggal and the appointment of Arun Misra as an Additional Director. Furthermore, the Board of Directors approved a substantial capital expenditure for the Sijimali bauxite block in Odisha.
Under the Board’s decisions made at the meeting held on July 21, 2023, Mr. Sunil Duggal, the Whole-Time Director & CEO, will retire on July 31, 2023. The Board expressed its appreciation for his valuable contributions during his tenure. Following his superannuation, Mr. Arun Misra has been appointed as an Additional Director, designated as an Executive Director of the Company, effective from August 01, 2023, until May 31, 2025. However, this appointment is subject to approval from the shareholders.
Mr. Arun Misra is currently the Chief Executive Officer (CEO) of the Zinc Business and has been instrumental in leading Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Limited. With an illustrious career spanning 35 years, Mr. Misra has held key strategic positions and garnered recognition for his leadership prowess. Under his guidance, HZL has achieved significant milestones and retained a prominent position in corporate responsibility assessments within the mining and metal industry.
The Board also approved a capital expenditure of ₹1,305 Crores for the Sijimali bauxite block in Odisha. This strategic investment is expected to boost Vedanta’s growth prospects significantly. The block, secured through a mineral block auction conducted by the Government of Odisha, holds immense importance due to its size, location, and bauxite quality. With estimated reserves of 311 million tonnes of bauxite, the Sijimali block is poised to bolster Vedanta’s position in the industry.
The commencement of mining operations at the Sijimali bauxite block is targeted for the 3rd quarter of FY 2025. The capital expenditure will be phased over future financial years and will be funded through internal accruals. This investment aligns with Vedanta’s commitment to sustainable growth and strategic resource development.
Mr. Misra’s appointment as Additional Director and the decision to invest in the Sijimali bauxite block underscore Vedanta’s vision for progress and innovation. With a proven track record of excellence and diverse expertise in the mining and metal industry, Mr. Misra is poised to lead Vedanta towards new heights of success.
The company’s stakeholders eagerly anticipate the positive impact of these strategic decisions as Vedanta Limited continues its journey as a leading player in the natural resources sector.
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