5 Minutes Read
Goa mining ban a blow to industry; sends wrong signal to investors: Vedanta’s Agarwal
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The Goa iron ore mining ban has come into effect from today. Speaking on the above development Anil Agarwal, Chairman, Vedanta said the ban is an unfortunate event. The entire mining industry has come to a halt due to the mining ban in the state, he added. The mining and tourism industries are the key …
The Goa iron ore mining ban has come into effect from today.
Speaking on the above development Anil Agarwal, Chairman, Vedanta said the ban is an unfortunate event. The entire mining industry has come to a halt due to the mining ban in the state, he added.
The mining and tourism industries are the key revenue earners for the coastal state. The state used to mine around 20 million tonnes of iron ore. The ban could lead to a lot of job losses.
Paying labourers becomes a difficult task post hurdles like these, he said in an interview to CNBC-TV18 discussing the overall impact on the industry going forward.
He is also worried that the mining auction may take one–two years.
However, it does not move the needle much for Vedanta in terms of their balance sheet because mining is 1.5-2 percent of their overall business, said Agarwal.
It is also unfortunate that half of India’s economy depends on imports be it oil, gold, etc.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
