Vedanta Power’s ₹921 crore transaction with VAML; company provides full details after market close
After market hours, Vedanta Power issued a clarification regarding concerns raised by proxy advisory firm IiAS concerning proposals put to a postal ballot. The company reiterated details of the ₹921 crore related-party transactions with Vedanta Aluminium Metal Limited (VAML). According to the company, there has been no change in the total value of these transactions.
The company stated that the total ₹921 crore in related-party transactions with VAML comprises ₹505 crore for the recovery of expenses, ₹330 crore for the reimbursement of expenses, ₹50 crore for the purchase of goods and services, and ₹35 crore for the sale of goods and services. Additionally, transactions worth ₹0.55 crore each for the sale and purchase of assets are included.
Vedanta Power also clarified that power is procured from VAML’s captive power plant to meet the requirements of the Jharsuguda Independent Power Plant (IPP), specifically during periods when the plant is shut down.
Furthermore, the company provided details of related-party transactions worth ₹48.6 billion (i.e., ₹4,860 crore) with Vedanta Limited. This includes transactions amounting to ₹8.42 billion (i.e., ₹842 crore) related to the recovery and reimbursement of expenses. According to the company, a significant portion of these transactions relates to the transfer of the Shakti Thermal Power Plant.
