Vedanta pays over $2 billion in royalties, taxes to India in FY16
Vedanta has paid around $1.53 billion to India in taxes, royalties, licence fees and other payments for its cash-rich arm oil firm Cairn India, close to $530 million for Hindustan Zinc Ltd and $54 million for Vedanta Copper in the last fiscal
New Delhi: Mining giant Vedanta Resources has paid more than $2 billion (over 3,300 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 Agarwal has paid about $ 2.18 billion 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) in 2015-16.
The London-listed firm has paid around $1.53 billion 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 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 for Vedanta Copper in India.
After India, Vedanta Resources made the highest payments to Zambia ($53.28 million in royalties). It operates the Konkola Copper mines in the African nation. Zambia was followed by Ireland ($2.83 million in royalties), Namibia ($2.65 million in taxes and royalties), South Africa ($2.37 million in taxes and royalties) and the US ($1.42 million 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 for the year ended March 31, 2016, Vedanta said.
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First Published:2 Oct 2016, 02:58 PM IST
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