Exclusive: Big news for Vedanta and Bharat Aluminium on wire rod import!

Indian government has initiated an investigation on the import of certain aluminium wires and rods above 7 mm diameter from Malaysia, Zee Business Executive Editor Swati Khandelwal told Managing Editor Anil Singhvi in an exclusive news.  

Khandelwal said that this is a big news for Vedanta Limited and Bharat Aluminium Company. The investigation regarding anti-dumping issue has been initiated on a complaint made by the two companies, she said.

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#ZBizExclusive | वेदांता, भारत एल्युमिनियम के लिए बड़ी खबर...
सरकार ने मलेशिया के एल्युमिनियम वायर/ 7mm के वायर रॉड के इंपोर्ट को लेकर एंटी-सब्सिडी जांच शुरू की#Vedanta #BharatAluminium @SwatiKJain pic.twitter.com/8GSgNHWNEo

— Zee Business (@ZeeBusiness) September 10, 2020

In their submissions to the agencies, the two companies have alleged that the import of wires of this specification is being done on a large scale, hurting the domestic industry. 

Khandelwal said that in the preliminary investigation, it was found that the numbers have been on the rise causing losses for the local industry. 

The period for investigation is between April 2019 and December 2019. This particular product is being used in electrical and steel industry, she further said. 

Any favourable decision on this issue is likely to help Vedanta and Bharat Aluminium, she added. 

Commenting on the news, Singhvi said that this was indeed very big news especially as the government has initiated an investigation on the anti-dumping subsidy issue. 

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At the time of the breaking of this news, Vedanta Limited’s shares were trading at the day’s high. The stock ended up almost 2 per cent from the previous close on Wednesday at Rs 132.50. It has crossed the 130 mark after a long time, Singhvi said.