Vedanta pays over $2 bn in royalties, taxes to India in FY16

In the last financial year of Apr’15 to Mar’16, Vedanta Resources has paid more than USD 2 billion (over Rs 13,300 crores) in taxes, royalties, license fees and other payments to India. This comes as a compliance to the UK government mandate for UK companies in the mining sector to publicly disclosing payments made to governments in countries where they undertake such operations. The disclosure includes payments made in excess of USD 130,000 for the year ending on March 31, 2016.

The London-listed firm has paid around USD 1.53 billion to India in taxes, royalties, license fees and other payments for its cash-rich arm oil firm Cairn India, while it has paid close to USD 530 million for the zinc miner Hindustan Zinc Ltd. (HZL) in the last fiscal. In total, the firm led by Anil Agrawal has paid about USD 2.18 billion in taxes, royalties, license fees and other payments to countries where it does business, most of which was paid to India (around USD 2.11 billion) in 2015-16.

Vedanta’s India operations have been steadily contributing to nation building through its diversified mineral portfolio. Two of the most persisting problems of modern India are poverty and lack of viable employment. Vedanta’s consistent efforts to eradicate poverty through sustainable employment opportunities at the grassroots have strengthened the core business’s vision and mission.

Through multifarious CSR outreach activities targeted at specific communities related to its business, Vedanta has always strived to improve the quality of life of the beneficiaries. The most iconic and ambitious example is the 'Nand Ghar' project envisioned by the Chairman Anil Agrawal himself. His vision of making India’s children healthy through nutritious food and providing education, healthcare and empowering women skill development has engulfed the social responsibility fabric of each and every company in the group.

Growing from strength to strength, Vedanta is fully committed to the ‘Make In India’ campaign started by the Hon’ble Prime Minister. With responsible business ethics and community development at its core, the organisation is ready to empower the nation’s economy.

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