Vedanta Resources pays nearly Rs 13,306 crore in royalties, taxes to India in FY16
Vedanta Resources pays nearly Rs 13,306 crore in royalties, taxes to India in FY16
Mining giant Vedanta Resources has paid more than $2 billion (nearly Rs 13,305.5 crore) in taxes, royalties, licence fees and other payments to India in the last financial year ended March 2016.
In total, the firm led by billionaire Anil Agrawal has paid about $2.18 billion (nearly Rs 14,502.99 crore) in taxes, royalties, licence fees and other payments to countries where it does business, most of which was paid to India (around $2.11 billion or nearly Rs 14,037.30 crore) in 2015-16.
The London-listed firm has paid around $1.53 billion (nearly Rs 10,178.71 crore) to India in taxes, royalties, licence fees and other payments for its cash-rich arm oil firm Cairn India, while it has paid close to $530 million (nearly Rs 3,525.96 crore) for the zinc miner Hindustan Zinc Ltd (HZL) in the last fiscal, it said in a regulatory filing.
Similarly, the diversified mining conglomerate paid more than $54 million (nearly Rs 359.25 crore) for Vedanta Copper in India.
After India, Vedanta Resources made the highest payments to Zambia ($53.28 million or nearly Rs 354.46 crore in royalties). It operates the Konkola Copper mines in the African nation.
Zambia was followed by Ireland ($2.83 million or nearly Rs 18.83 crore in royalties), Namibia ($2.65 million or nearly Rs 17.63 crore in taxes and royalties), South Africa ($2.37 million or nearly Rs 15.767 crore in taxes and royalties) and the US ($1.42 million or nearly Rs 9.45 crore in taxes).
Vedanta Resources operated the Lisheen Zinc mines in Ireland where mining activity concluded in November last year, whereas in Namibia it operates the Skorpion Zinc mine.
In South Africa, the company produces zinc and lead concentrate at the Black Mountain Mining site.
As per regulations, UK companies in the mining sector are required to publicly disclose payments made to governments in countries where they undertake such operations.
The disclosure includes payments made in excess of $130,000 (nearly Rs 86,43,700) for the year ended March 31, 2016, Vedanta said.
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