Giving a momentum to quality education in Lanjigarh, Mr. Navin Agrawal, Deputy Executive Chairman of Vedanta Resources inaugurated the new block of DAV Vedanta International School, Lanjigarh on August 13, 2009. The new block is having latest facilities such as Science laboratory, Computer Laboratory, Math Laboratory, Library and art & craft room, in addition to the class rooms for students. Senior management team members of Vedanta, Mr. MS Mehta, CEO, Vedanta Resources; M. Siddiqi, CEO; Mr. Pramod Suri, CEO (Operations); Dr. Mukesh Kumar, COO, VAL, Lanjigarh, Dr. HK Mohanty, Regional Director, DAV Institutions, Ms.  S. Chakraborty, Principal, DAV Vedanta International School were also present on the occasion.

Addressing the students Mr. Agarwal said, “It is matter of pride that more than 250 students are getting high standard education in such a remote location. Vedanta is committed for providing most contemporary education in the region”. He advised the school management to inculcate human values through quality education. Appreciating the academic achievement of students he also announced to launch a scholarship for meritorious students of the school. He presented prizes to students for their academic and extra-curricular achievements. On this occasion, all the senior management, including Mr. Navin Agarwal planted sapling in the school premises.

With an objective to provide quality education to children of the locality Vedanta brought in the most trusted and experienced education group DAV Institutions to Lanjigarh in 2006. From a modest beginning, the school now imparts education to 255 children from pre-nursery to class VIII. Out of them more than 200 children are from periphery area villages of Vedanta Alumina Refinery. Vedanta provides transport facility different areas to help the local students. With a firm base, excellent facilities and competent faculty, the School imparts the best education and gives an opportunity for all-round development to the students of the Locality.

Addressing the gathering, Dr. Mukesh Kumar, Chief Operating Oficer of VAL, said “the facilities provided at DAV Vedanta International School is no where less than that in any public school in metros”. Dr. HK Mohanty, Regional Director, DAV Institutions thanked Vedanta for supporting the project and providing the new building. He said that while beginning the DAV management was apprehensive about success of the project as this will be a start of almost first generation education in English medium in the area. However, it is a matter of satisfaction that the way local students are taking interest and coming up to expectation of DAV Standard.

Source: www.orissadiary.com

Vedanta Resources said on Tuesday it had raised $805 million (about Rs 3,715 crore) through a convertible bond issue that saw subscription from more than 60 overseas investors, who were unaffected by recent reports of exits by some shareholders, who had expressed concerns over the company’s alleged ethical lapses.

Proceeds from the bond issue, the second this year from Vedanta, will be used partly to refinance existing debt and partly to invest in the alumina project in Orissa, which had sparked the protests from activist organisations leading to the exits by some shareholders.

The London-listed Vedanta, which is controlled by tycoon Anil Agarwal, has so far raised $4.8 billion through bond issues and ADR sales this year, making it one of the biggest foreign investments in India so far.

Vedanta’s bond issue, which opened for subscription early Tuesday, has a coupon rate of 4% and a conversion premium of 37.5%. It closed late on Tuesday evening. Last June, Vedanta had come out with a $1-billion issue to part finance a capacity expansion programme.

Vedanta chairman Anil Agarwal saying that the project has been monitored and cleared by a Supreme Court-appointed panel.

“The bond issue size of $805 million could be increased by $75 million by way of an over-allotment option granted to the joint bookrunners allowing them to subscribe for up to an additional $75 million of bonds by March 26, 2010,” Vedanta said in its emailed statement from London. JP Morgan Cazenove and Morgan Stanley are the so-called book runners or bankers, who have to find investors willing to put their money in the issue. Although Vedanta said it would give priority to existing shareholders in the allocation of the bonds, it added that Volcan Investments, the majority shareholder of the company, which is owned by the its owners, will not participate in the transaction.

During the quarter ended December 31, 2009 (Q3), the company achieved its highest-ever zinc and lead-mined metal production of 200,000 tonne.

During the same period, refined zinc and lead metal production was stable at 169,000 tonne, while silver production was up 48% at 1.38 million ounces.

Source: Economic Times

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