Weekly news presentation

Presented By :Jaswinder Singh

MBA-2(A)

Orkut loses top slot to face book in indiaFacebook is the top social networking site in

india with 20.9 mn visitors in month of july.Earlier india was one of the country where

orkut was at the top.At 3rd position is bharat student with 4.4 mn

visitors.Twitter is at 4 th position with 3.3 mn

visitors.India rank 7th world wide for social

networking.

Vedanta Resources plc. London listed ; Metals, Mining & Power generation major. Produces aluminium, copper, zinc, lead, iron ore and commercial energy.CEO,Chairman : Mr. Anil Aggarwal, ranked 10th

on annual Sunday Times Rich List of the wealthiest people in UK.

Operating in India through its subsidiary – Sterlite Industries Ltd.

Cairn Energy

UK based; Oil exploration major.Has 62% shareholding in Cairn India.Nation’s largest onshore oilfield;

Barmar, Rajasthan.

Transaction Highlights

Vedanta Group to acquire upto 60% stake in Cairn India .

For an aggregate consideration of US$9.6

billion in cash.

India’s state-run fuel companies like GAIL & ONGC may make a counterbid for oil assets of Cairn India, which mining group Vedanta is seeking to buy.

Obstacles to deal Vedanta's "inexperience" in the oil & gas

business a major disqualification.

Need approvals for some of the blocks related to the New Exploration Licensing Policy.

Speculations about counter offer by ONGC.

The Orissa IssueVedanta’s subsidiary Sterlite India has joint

venture with Orissa Mining Corporation to mine Niyamgiri Hills for bauxite.

Government rejected environment clearance to $1.7-billion bauxite mining project in Orissa.

Reasons : Serious violation of Environment Protection Act,

Forest Conservation Act and the Forest Rights Act.Age old access & rights of Dongaria & Kutia

Kondh Tribes violated.

(cont)

Forest Advisory Committee recommended action against Vedanta Alumina Refinery, Lanjigarh, Niyamgiri Hills, Orissa.

Reasons : Violating environment laws.Illegally encroaching 26 hectare of forest

land.Capacity increased from 1mn tonne to 6 mn

tonne without requisite clearance.Currently sourcing bauxite from 14 mines; 11

non environmentaly cleared i.e illegal mines.

POSCO

South Korean steel giant.

12 million tonne integrated plant to be set up at Jagatsinghpur, single biggest FDI venture.

54,000-crore integrated plant in Orissa may get

the environment ministry’s clearance by September.

June 2005 ( Posco signed the MoU) for the state government to hand over the land.

The Supreme Court gave its nod for Stage I clearance in 2008 and the MoEF put the final seal of approval in December, 2009. But now a central committee says law has been violated.

The Posco case mainly involves relatively minor violations of the Forest Rights Act and settlement of claims. The claims of only about 200 Dalit and tribal families need to be settled.