Vedanta pays over $2 billion in royalties, taxes to India in FY16
NEW DELHI: Mining giant Vedanta Resources has paid more than $2 billion (over Rs.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).
Click here for more…