Vedanta to raise Rs 4089 crore
Vedanta Ltd on Saturday said a committee of directors has approved raising up to Rs 4,089 crore via debentures on a private placement basis.
“An authorised committee of directors at its meeting held on June 4 considered and approved offering for subscription... up to 40,890 nos secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value Rs 10,00,000 each aggregating up to Rs 4,089 crore,” the company said in a filing to BSE.
Vedanta is a globally diversified natural resources company with interests in zinc, lead, silver, iron ore, steel, copper, aluminium, power, oil and gas.
Cairn Oil & Gas, a unit of mining giant Vedanta, will convert a pipeline that ships crude oil from its prolific Rajasthan oilfields to Gujarat to solar power by 2025.
To commemorate World Environment Day on June 5, Cairn Oil & Gas will convert the Mangala pipeline to solar.
It will install solar rooftop PVs in all the 36 Above Ground Installations (AGIs) along the pipeline by 2025, the firm said in a statement.
The Mangala pipeline is the world’s longest continuously heated and insulated pipeline that runs from oilfields of Rajasthan to refineries in Gujarat — traversing 705 km. Discovered in 2004, Cairn’s Mangala oilfield in Barmer district of Rajasthan was the largest global discovery of the year and India’s largest onshore discovery in 25 years.
The field is also home to the Mangala pipeline — a technology marvel that was built to make the transportation of waxy crude produced from the prolific oilfield a thriving reality.
Now, this celebrated pipeline is making the solar switch.
"In line with its decarbonisation commitment to reduce carbon footprint, Cairn is cutting dependence on more polluting sources of power and setting an important precedent in the industry," the statement said.