Latest news with #AnilAgarwal-owned
Economic Times
2 days ago
- Business
- Economic Times
Hindustan Zinc gears up for mega expansion; Eyes ₹65k cr revenue
Synopsis Hindustan Zinc Ltd. (HZL) aims for ₹62,000-65,000 crore in annual revenue by doubling its production capacity to 2 million tonnes. The Vedanta subsidiary anticipates an EBITDA of ₹34,000-36,000 crore and a production cost of $1,000 per tonne at this expanded capacity. Silver production is also expected to rise to 1,500 tonnes. Hindustan Zinc Ltd. (HZL), an integrated producer of zinc and silver, is targeting annual revenue in the range of ₹62,000 crore to ₹65,000 crore once its production capacity doubles to 2 million tonne, according to an investor presentation. The company, a subsidiary of Anil Agarwal-owned Vedanta Ltd., did not say by when it would double production capacity. It had recorded ₹34,083 crore revenue in before interest, tax, depreciation and amortisation is likely to be in the range of ₹34,000 crore to ₹36,000 crore, while the cost of production is likely to be $1,000 per tonne at double the capacity, the company said in its presentation. The government holds a 27.92% stake in Hindustan FY25, Hindustan Zinc clocked in an EBITDA of ₹17,465 crore, while its cost of production stood at $1,052 per double output capacity, the production of silver is expected to rise to 1,500 tonne from around 700 tonne now. Silver is recovered as a by-product from the smelting and refining of zinc. In June, the company had announced a capital expenditure of ₹12,000 crore to enhance capacity at its smelter in Debari by 250,000 tonne, taking it to a total of 1.38 million tonnes. This capacity is expected to come on board in 36 months after the expansion its initial phase of expanding capacity by 250,000 tonne, Hindustan Zinc is eyeing a revenue of ₹40,000-42,000 crore, and an EBITDA of ₹21,000-22,000 executive officer Arun Misra had told ET in June that the company would announce new expansion plans over the next few Thursday, shares of the company ended 0.8% lower on the BSE at ₹426.50.
Time of India
2 days ago
- Business
- Time of India
Hindustan Zinc gears up for mega expansion; Eyes ₹65k cr revenue
Hindustan Zinc Ltd . (HZL), an integrated producer of zinc and silver, is targeting annual revenue in the range of ₹62,000 crore to ₹65,000 crore once its production capacity doubles to 2 million tonne, according to an investor presentation. The company, a subsidiary of Anil Agarwal-owned Vedanta Ltd ., did not say by when it would double production capacity. It had recorded ₹34,083 crore revenue in FY25. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Earnings before interest, tax, depreciation and amortisation is likely to be in the range of ₹34,000 crore to ₹36,000 crore, while the cost of production is likely to be $1,000 per tonne at double the capacity, the company said in its presentation. The government holds a 27.92% stake in Hindustan Zinc. For FY25, Hindustan Zinc clocked in an EBITDA of ₹17,465 crore, while its cost of production stood at $1,052 per tonne. At double output capacity, the production of silver is expected to rise to 1,500 tonne from around 700 tonne now. Silver is recovered as a by-product from the smelting and refining of zinc. In June, the company had announced a capital expenditure of ₹12,000 crore to enhance capacity at its smelter in Debari by 250,000 tonne, taking it to a total of 1.38 million tonnes. This capacity is expected to come on board in 36 months after the expansion starts. After its initial phase of expanding capacity by 250,000 tonne, Hindustan Zinc is eyeing a revenue of ₹40,000-42,000 crore, and an EBITDA of ₹21,000-22,000 crore. Chief executive officer Arun Misra had told ET in June that the company would announce new expansion plans over the next few months. On Thursday, shares of the company ended 0.8% lower on the BSE at ₹426.50.
The Hindu
10-07-2025
- Business
- The Hindu
Who is Viceroy Research? The short-seller targetting Vedanta Group
A U.S. short-seller, Viceroy Research, has flung allegations at Anil Agarwal-owned Vedanta Group, calling Vedanta Resources (VRL) a 'parasite' and a 'financial zombie' and its listed subsidiary Vedanta Ltd (VEDL) a 'dying host'. Viceroy Research, which has a short position on VRL's debt stack, said the Vedanta group structure was 'financially unsustainable, operationally compromised' and was a 'severe, under-appreciated risk to creditors'. The 87-page Viceroy Research report accused VRL of draining VEDL, forcing it to take on more debt and deplete its cash reserves, impaired creditors' ability to recover their principal, a situation that resembled a 'Ponzi scheme', it said. VEDL promoted capital-intensive projects that it could not afford to raise fresh capital, which was paid out to VRL, it alleged. Vedanta Group dismissed Viceroy Research report as 'a malicious combination of selective misinformation and baseless allegations to discredit the group'. Who is Vicereoy Research? According to its website, Viceroy Research LLC is an investigative financial research firm that is registered in Delaware, USA. The firm was founded in 2016 by Fraser John Perring and his Australian colleagues Aiden Lau and Gabriel Bernarde. The company first gained global scrutiny in 2017 with its research on South Africa's Steinhoff International. As a result of the investigation, extensive accounting errors were discovered and the company's shares fell more than 90%, wiping out billions of dollars in shareholder value. The firm also made a name for itself when it placed a bet against companies such as Elon Musk's Tesla. The short-seller has published reports on 29 businesses, according to their website. In 2018, it published a report on Advanced Micro Devices Inc and expanding on the financial impact of the CTS Labs vulnerabilities. In 2022, it targeted Truecaller for intentionally misdirecting valid criticism. In 2023, it filed a report on Tokyo-based Abalance for evading U.S. duties. The latest report on Vedanta Group is expected to have an impact on the Indian Stock Exchange. Shares of mining giant Vedanta dropped 3.38% to end at ₹440.80 on the BSE after the report. Viceroy's past controversies Medical Properties Trust, an Alabama-based real estate investment trust, filed a defamation suit against Viceroy in 2023, which was settled confidentially the next year. The South African FSCA had penalized the short-seller for making inaccurate and misleading claims on 'Capitec.'
The Hindu
09-07-2025
- Business
- The Hindu
U.S. short-seller Viceroy Research makes scathing claims on Vedanta Group
A U.S. short-seller, Viceroy Research, has flung allegations at Anil Agarwal-owned Vedanta Group, calling Vedanta Resources (VRL) a 'parasite' and a 'financial zombie' and its listed subsidiary Vedanta Ltd (VEDL) a 'dying host'. Viceroy Research, which has a short position on VRL's debt stack, said the Vedanta group structure was 'financially unsustainable, operationally compromised' and was a 'severe, under-appreciated risk to creditors'. 'VRL is a 'parasite' holding company with no significant operations of its own, propped up entirely by cash extracted from its dying 'host': VEDL,' it said. VRL and its web of intermediate holding companies held no material operating assets and carried about $4.9 billion in gross interest-bearing liabilities as of FY25, said the report. The survival of VRL depends on its ability to extract cash from publicly listed VEDL, which holds stakes in group companies including Hindustan Zinc and BALCO, it said. The upstreaming process was inefficient because a significant portion of dividends issued leaks to minority shareholders, as VRL holds only 56% of Vedanta and 62% of Hindustan Zinc. Among other allegations, the report said VRL has extracted $338 million as 'brand fee' annually from VEDL and its subsidiaries in FY24 alone. VRL used loans from VEDL subsidiaries to purchase VEDL stock on-market, but over $122 million of VEDL loans were 'written off' in a blatant violation of the Companies Act, it said. The 87-page Viceroy Research report accused VRL of draining VEDL, forcing it to take on more debt and deplete its cash reserves, impaired creditors' ability to recover their principal, a situation that resembled a 'Ponzi scheme', it said. VEDL promoted capital-intensive projects that it could not afford to raise fresh capital, which was paid out to VRL, it alleged. Other allegations included inflated asset values of VEDL's subsidiaries, capex fraud, expenses being kept off-balance sheet, and governance failure. Shares of Vedanta and Hindustan Zinc slipped 3% each to ₹441 and ₹425 on Wednesday. Vedanta denies Vedanta Group dismissed Viceroy Research report as 'a malicious combination of selective misinformation and baseless allegations to discredit the group'. The release of the Viceroy report came just a day before VEDL's annual general meeting (AGM). Terming the report 'false propaganda', the company said, 'The timing of the report is suspect and could be to undermine the forthcoming corporate initiatives. Our stakeholders are discerning enough to understand such tactics.' The group further noted that the report's authors had included extensive disclaimers stating that the content was educational and opinion-based, and not factual, it said. The Viceroy Research is the second attack on the Vedanta Group. In 2018, VRL was delisted from the LSE amid protests outside its final annual general meeting. (The writer is with The Hindu businessline)
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Business Standard
09-07-2025
- Business
- Business Standard
Vedanta shares fall 3.38% after Viceroy alleges group-wide misconduct
Anil Agarwal-owned firm denies Viceroy Research's allegations of a Ponzi-like structure, calling them a malicious attempt to discredit the group and derail future plans Mumbai Shares of Vedanta Ltd, the Indian metals-to-mining giant, fell 3.38 per cent on the stock exchanges on Wednesday after the US-based short-seller Viceroy Research released a scathing report accusing its London-based parent, Vedanta Resources, of orchestrating a 'Ponzi-like' structure and alleging group-wide financial misconduct, accounting fraud, and looming insolvency risks. In a detailed 87-page forensic report, Viceroy — which disclosed a short position in Anil Agarwal-owned Vedanta Resources' debt — described the group as a "financial zombie" reliant on extracting unsustainable cash flows from Vedanta Ltd to service mounting debt at the parent level. The report alleges that Vedanta Ltd's own balance sheet is being hollowed out through massive leverage, accounting trickery, and cash transfers masked as brand fees and inter-company loans. Apart from Vedanta, shares of Vedanta Ltd's subsidiary Hindustan Zinc also fell by 2.56 per cent to Rs 425 a share (see chart). The spokesperson said the timing of the report is suspect and could be intended to undermine forthcoming corporate initiatives. 'Our stakeholders are discerning enough to understand such tactics. In fact, to avoid any responsibility, the authors of the report have included disclaimers stating the report is for educational purposes and merely expresses opinions, not facts,' the spokesperson said, adding that the group remains focused on business and growth. The Viceroy Research report, reminiscent of a similar attack on the Adani group by now-defunct Hindenburg Research in 2023, says the core of its investment thesis rests on a simple but critical dynamic: Vedanta Resources Ltd (VRL) is a "parasite" holding company with no significant operations of its own, propped up entirely by cash extracted from its dying "host": Vedanta Ltd. To service its own debt burden, VRL is systematically draining the Indian listed entity, forcing the operating company to take on ever-increasing leverage and deplete its cash reserves. 'This looting erodes the fundamental value of Vedanta Ltd, which constitutes the primary collateral for VRL's own creditors,' the report said. 'Consequently, VRL's actions to meet its short-term obligations directly impair its creditors' long-term ability to recover their principal, a situation that resembles a Ponzi scheme where Vedanta Ltd stakeholders, which include VRL creditors, are the 'suckers',' the report said. Viceroy Research was founded by Fraser Perring, who was an early critic of the fraudulent German payments company Wirecard AG. The firm has previously targeted large companies such as industrial software group Hexagon AB. Notably, Viceroy was fined by South Africa's regulator in 2021. The report said this arrangement has pushed the entire group to the brink of insolvency, propped up only by a continuous cycle of new debt, accounting tricks, and the deferral of massive, undisclosed liabilities. 'New credit lines serve only to destroy the PropCo's only collateral, staving off immediate insolvency at the expense of any chance of creditors recovering principal. The mechanisms used to maintain the illusion of stability are failing, and a group-wide insolvency event is no longer a distant risk,' it said, adding that the group's proposed demerger plan will spread liabilities across weaker entities, exacerbating financial fragility rather than resolving it.
