STERLITE INDUSTRIES (INDIA) LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
Dear shareholders,
The Directors of your Company are pleased to present the 35th Annual Report
together with the statement of audited accounts for the financial year
ended 31 March 2010.
Financial highlights
The following table gives the financial highlights of your Company on a
standalone basis according to Indian Generally Accepted Accounting
Principles (GAAP).
(Rs. in Crore)
Year ended 31 March 2010 2009
Gross Turnover 13,676.47 12,277.74
Earnings before interest, tax depreciation
and amortization 1,628.41 1,653.94
Less: Interest 256.44 203.92
Gross profit 1,371.97 1,450.02
Less: depreciation and amortization 150.64 166.18
Exceptional items 273.53 (55.31)
Profit before tax 947.80 1,339.15
Taxation 116.30 102.72
Net Profit for the year 831.50 1,236.43
Add: balance brought forward from previous year 2,683.41 1,944.10
Amount available for appropriation 3,514.91 3,180.53
Appropriation:
General reserve 500.00 204.00
Debenture redemption reserve 2.90 3.00
Additional Dividend on ADS issued in
July 2009 (paid in September 2009) 53.54 -
Proposed dividend on equity shares
(including dividend distribution tax thereon) 367.49 290.12
Balance carried forward to next year 2,590.98 2,683.41
Financial performance
During the year under review, the gross turnover of your Company increased
by 11.4% from Rs. 12,277.74 Crore to Rs. 13,676.47 Crore. The increase in
turnover was primarily due to increase in the average LME prices from US$
5,885/MT to US$ 6,112/MT and also on account of depreciation of the Indian
Rupee against the US dollar.
The Earnings before interest, tax depreciation and amortization for the
same period decreased by 1.5% from Rs. 1,653.94 Crore to Rs. 1,628.41 Crore
and the Net Profit decreased by 32.75% from Rs. 1,236.43 Crore to Rs.831.50
Crore in the current year. During the year the Company provided for an
exceptional item of Rs. 273.53 Crore on account of termination of the
Settlement and Purchase and Sale Agreement (PSA) with Asarco LLC.
The issue proceeds of Convertible Senior Note has been allocated to the
conversion option with the residual value allocated to the Notes to
establish its initial carrying cost. Subsequently, the conversion option
has been measured at fair value through profit and loss with changes in
fair value to be recognised in the Profit and Loss account and the Notes
been carried at amortised cost. The accounting treatment of Notes has
resulted into the profit net of tax for the year higher by Rs. 34.55 Crore.
Operational performance
The year under review was a very challenging year mainly due to rising
input cost, lower by product margin. The operational performance was as
follows:
Product 2009-10 2008-09 Variance
Copper Cathodes 334,174 MT 312,833 MT 6.8%
Copper Rods 196,882 MT 219,879 MT (10.5%)
Sulphuric Acid 1,036,353 MT 987,512 MT 4.9%
Phosphoric Acid 205,844 MT 163,607 MT 25.8%
During the year under review, your Company consolidated its leadership
position in domestic copper with record sales of 206,149 MT of copper with
a market share of 33% in the domestic market and 42% in the refined copper
market. Your Company also exported 127,095 MT of copper including exports
of 36,978 MT of copper rods.
Transfer to general reserves
Out of the total profit of Rs. 831.50 Crore for the financial year 2009-10,
an amount of Rs. 500 Crore is proposed to be transferred to the General
Reserve.
Dividend
Your Directors are pleased to recommend a dividend of Rs. 3.75 per equity
share of Rs. 2/- each) for the financial year 2009-10. The dividend, if
approved at the ensuing Annual General Meeting, will be paid to those
shareholders holding pre-sub-divided equity shares of Rs. 2/- each, whose
names appear on the register of members of the Company as on the Book
Closure date.
Bonus and split
The Board of Directors in their meeting held on 26 April 2010 has approved
sub-division of the Equity Shares from face value of Rs. 2/- each to face
value of Re. 1/- each and also a bonus issue in the ratio of 1:1 equity
shares. The sub-division of equity shares has been done with a view to
broaden the investor base by encouraging the participation of the retail
investors and also with a view to increase the liquidity of the equity
shares. The Board keeping in view the comfortable reserves position, future
expansion, profitability and its constant endeavour to reward its
Shareholders has recommended a bonus issue of 1:1, i.e. one equity share of
face value of Re. 1/- each for one sub-divided equity share of face value
of Re. 1/- held. The sub-division and bonus issue will be subject to
approval of the Shareholders in the ensuing Annual General Meeting.
Share capital/Convertible Senior Notes (CSN) issue During the year your
Company made an American Depository Shares (ADS) issue of US$ 1.6 billion
priced at US$ 12.15 per ADS. Consequent to the ADS issue of July 2009, the
paid up share capital of your Company increased by Rs. 26.38 Crore due to
allotment of 13,19,06,011 equity shares of Rs. 2/- each representing equal
number of ADS.
In October 2009, the Company issued 4% Convertible Senior Notes amounting
to US$ 500 million. Each bond of US$ 1000 is convertible into 42.86 ADS
based on conversion price of US$ 23.33.
Credit rating
CRISIL has upgraded its ratings of your Company's cash credit facility and
non-convertible debentures to AA+/Stable' from AA/Stable'. The upgrade
reflects CRISIL's expectation of significant improvement in the Company's
capital structure than previously envisaged, and also reflects the group's
continued strong business performance and the good progress in the group's
ongoing projects. The rating on Sterlite's short-term facilities has been
reaffirmed at P1+'. CRISIL has granted Very Good' rating for the pre and
post investment made by the Company, which is the highest rating. Strong
credit ratings by Credit Rating agencies reflect the Company's financial
discipline and prudence.
Corporate governance and additional information to shareholders
The Company is committed to maintain highest standards of corporate
governance. A separate report on Corporate Governance, pursuant to Clause
49 of the Listing Agreement with the stock exchange(s), Auditors'
Certificate on its compliance, including the Management Discussion and
Analysis, and shareholders' information forms a part of this annual.
MANAGEMENT DISCUSSION AND ANALYSIS
General economic outlook
The fiscal year 2009-10 began as a diffi cult one with the aftershocks of
the depressed economic and market conditions of 2008 and 2009. There was a
significant slowdown in the growth rate in the second half of 2008-09,
following the financial crisis that began in the industrialized nations in
2007 and spread to the real economy across the world. The GDP growth rate
in 2008-09 was 6.7%, with growth in the last two quarters hovering around 6
per cent. There was a general apprehension that this trend would persist
for some time, as the full impact of the economic slowdown in the developed
world worked through the system. It was also a year of reckoning for the
policymakers, who had taken a calculated risk in providing substantial
fiscal expansion to counter the negative fallout of the global slowdown.
The continued recession in the developed world, for the better part of
2009-10, meant a sluggish export recovery and a slowdown in financial flows
into the economy.
Yet, over the span of the year, the Indian economy posted a remarkable
recovery, not only in terms of overall growth figures but, more
importantly, in terms of certain fundamentals, which justify optimism for
the Indian economy in the medium to long-term. Your Company also feels that
the worst is over and is fully geared to take advantage of the improved
economic indicators.
A detailed Management Discussion and Analysis Report forming part of this
report as required under Clause 49(IV)(F) of the Listing Agreement with the
Stock Exchanges is provided in a separate section of this Annual Report.
Subsidiary companies
Your Company had eleven subsidiary companies as on 31 March 2010.
The shareholders may refer to the statement under Section 212 of the
Companies Act, 1956 and information on the financial statements of
subsidiaries appended to the above Statement under Section 212 of the
Companies Act, 1956 in this Annual Report for further information on these
subsidiaries.
The Ministry of Corporate Affairs vide its letter No. 47/38/2010-CL-III
dated 08 April 2010 has granted approval to the Company, for not attaching
the financial statements of subsidiary companies to the financials of your
Company for 2009-10.
Members may write to the Company Secretary at Sterlite Industries (India)
Limited, SIPCOT Industrial Complex, Madurai-By-pass Road, Tuticorin - 628
002 to obtain a copy of the financial statements of the subsidiary
companies. The Subsidiary Accounts will also be available on the Website of
the Company www.sterlite-industries.com
The consolidated financial statements, in terms of Clause 32 of the Listing
Agreement and in terms of Accounting Standards 21 as prescribed by
Companies (Accounting Standards) Rules, 2006 issued by Ministry of
Corporate Affairs vide notification no. G.S.R. 739 (E) dated 07 December
2006 also form part of this Annual Report.
Fixed deposits
Your Company has not accepted or renewed any fixed deposits under section
58A of the Companies Act, 1956. No amount of principal or interest was
outstanding as on 31 March 2010.
Directors
Mr. Anil Agarwal and Mr. Gautam Doshi retire by rotation at the ensuing
Annual General Meeting scheduled on 11 June 2010 and being eligible offer
themselves for re-appointment. The brief profiles of Mr. Anil Agarwal and
Mr. Gautam Doshi are given in the chapter on Corporate Governance.
Information pursuant to section 217 of the companies act, 1956
A. Conservation of energy, research & developments, technology absorption,
foreign exchange earnings and outgo The particulars as prescribed under
section 217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors) Rules,
1988 are set out as an annexure to the Directors' Report.
B. Particulars of employees
Pursuant to the provisions of Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975 as amended,
the names and other particulars of employees are set out as an annexure to
the Directors' Report. However, as per provisions of Section 219(1)(b)(iv)
of the Companies Act, 1956, the report and the accounts are being sent to
all the shareholders excluding the aforesaid information. Any shareholder
desirous of obtaining such particulars may write to the Company Secretary
at the registered office of the Company.
C. Directors' responsibility statement
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors hereby confirm that:
- In the preparation of the annual accounts, applicable accounting -
standards have been followed along with proper explanations relating to
material departures;
- Such accounting policies have been selected and they have - consistently
applied them and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the Company
for that period.
- Proper and sufficient care for maintenance of adequate - accounting
records have been taken in accordance with the provisions of this Act, for
safeguarding the assets of the Company, and for preventing and detecting
fraud and other irregularities; The accounts are prepared on going
concern' basis.
Auditors
The statutory auditors of the Company, M/s. Chaturvedi & Shah, Chartered
Accountants and M/s. Deloitte Haskins & Sells, Chartered Accountants,
retire at the ensuing Annual General Meeting.
M/s. Chaturvedi & Shah and M/s Deloitte Haskins & Sells, Chartered
Accountants have confirmed their eligibility and willingness to accept
office of Auditors.
The Audit Committee and the Board of Directors therefore recommend M/s.
Chaturvedi & Shah and M/s Deloitte Haskins & Sells, Chartered Accountants
as statutory auditors of the Company for 2010-11 for the approval of
shareholders.
Adequacy of internal controls
The Company, as part of Vedanta Group, has a strong internal control system
in place. The internal control system of the Company is supported by the
Management Assurances Services (MAS) function. Your Company is having a
documented Standard Operating System (SOPs) for procurement,
project/expansion management, capex, human resources, sales and marketing,
finance, treasury, compliance, safety, health and environment (SHE) and
manufacturing.
An annual audit plan is drawn in consultation with the MAS team as approved
by the Audit Committee. The internal controls system and mechanism is
reviewed periodically to make it robust so as to meet the challenges of the
business. The Company has a system of carrying out internal audit, covering
monthly physical verification of inventory, monthly review of accounts and
a quarterly review of all business processes. To enhance internal controls,
the internal audit follows stringent grading mechanism, focusing on the
implementation of all recommendations of internal auditors. The internal
auditors make periodical presentations to the Audit Committee, who review
the same and ensure strict compliance.
Auditors' qualification on accounts
Notes to the accounts, as referred in the auditors report, are
selfexplanatory and a practice consistently followed, and therefore do not
call for any further comments and explanations.
Asarco acquisition
During the year the plan proposed by ASARCO and sponsored by the Company's
wholly owned subsidiary, Sterlite (USA) Inc was rejected by the US District
Court. The Company has preferred to appeal against the order of US District
Court. Subsequently, the Bankruptcy Court also approved the motion of
ASARCO to terminate the settlement and Purchase and Sale Agreement (PSA)
and allowed it to draw on the USD 50 million Letter of Credit. The Company
has contested the same and has filed an application before the Bankruptcy
Court for refund of USD 50 million drawn down by ASARCO and payment of
compensation for legal expenses. The Company has provided Rs. 273.53 Crore
(being the USD 50 million referred to above and other expenses related
thereto) as exceptional item during the year ended 31 March 2010. In March
2010, ASARCO has also filed a complaint in US Bankruptcy Court for the
alleged breach of the PSA signed in May 2008.
Group structure
Pursuant to intimation from the Promoters, the names of the Promoters and
entities comprising Group' are disclosed in the Annual Report for the
purposes of the SEBI (Substantial Acquisitions of Shares and Takeovers)
Regulations, 1997.
Depository system and listing of shares
Details of the depository system and listing of shares are given in the
section 'Additional Shareholder Information', which forms a part of the
Corporate Governance Report and is attached with the Annual Accounts.
Registrar and share transfer agent
M/s. Karvy Computershare Private Limited, Hyderabad, are the Registrar and
Share Transfer Agent of the Company. Details of the depository system and
listing of shares are given in the section 'Additional Shareholder
Information', which forms a part of the Corporate Governance Report and is
attached with the Annual Accounts.
Human resources
Your Company, as a part of Vedanta' group, believes that people are the
biggest strength in line with its vision to create a world-class
organisation. It focuses on learning and development, to enhance the
knowledge and skill, preparing its people to face the challenges. During
the year your Company organised various training programmes with an
objective to achieve a minimum of three to four days of training for every
employee.
Corporate social responsibility
Guided by Group's overarching philosophy of creating and sustaining value
and equity, year on year, our connection with the communities in which we
operate has continued to strengthen. Corporate Social Responsibility (CSR)
at your Company is a separate and focused function being managed by a young
and enthusiastic team, with the complete involvement of the entire Sterlite
fraternity. We have made significant investments in improving health,
education and generating livelihood opportunities with the overall
objective of enhancing the quality of life. One of our most recent and
successful initiatives has been the creation of self-help groups (SHGs)
under the Sterlite Women Empowerment Project (SWEP) in partnership with
registered and likeminded associates, government bodies and volunteer
organisations with a view to empower women to not only enhance their skill
sets but also actively contribute to their household incomes. We will
continue these initiatives and will attempt to add new vocational courses
to our portfolio.
A detailed report on the Corporate Social Responsibility of your Company is
given in a separate section in this Annual Report.
Acknowledgements
Your Company maintained healthy, cordial and harmonious industrial
relations at all levels. The enthusiasm and unstinting efforts of the
employee have enabled your Company to remain at the forefront of the
industry. The Directors place on record their sincere appreciation for
significant contributions made by the employees through their dedication,
hard work and commitment towards the success and growth of the Company.
The Directors also acknowledge the support and assistance extended to us by
the Government of India, various state governments, and government
departments, financial institutions, bankers, shareholders and investors at
large, and look forward to having the same support in our endeavours.
For and on behalf of the Board of Directors
Anil Agarwal
Chairman
Place : Mumbai
Dated : 26 April 2010
Annexure-A
Statement containing particulars required under the companies (Disclosure
of particulars in the report of Board of Directors) Rules, 1988 and forming
part of the Directors' Report for the year ended 31 March 2010.
(A) Conservation of energy:
a) Conservation of natural resources continues to be the key focus area of
our company. Following are some of the important steps taken in this
direction.
i. Waste Heat Recovery based power generation capacity utilization
increased from 7.5 MW to 8 MW.
ii. LPG consumption reduced by 1 Kg/MT of anode by covering exposed
launders to avoid heat loss.
iii. ISA furnace fuel oil line was modified to minimize oil consumption 1.2
T/day.
iv. New ID fan was installed in primary smelting scrubber instead of
running two fans thereby power consumption was reduced by 4,800 units.
v. Fuel oil consumption reduced by 0.4 T/day by increasing the temperature
of FO and proper insulation.
vi. Gravity circulation in electro winning process was converted into
forced circulation to speed up the process thereby power consumption was
reduced by 2,500 units.
vii. Solenoid Operated Valves were provided in plant air lines in feed
preparation area to minimize plant air consumption by 5,000 M3/day.
viii. De-clusters were installed in LPG pipeline in Continuous Cast Copper
(CCR) to reduce LPG consumption.
ix. Bus bar gapes were filled with silver alloy to increase the current
effi ciency thereby reducing power consumption of 500 units/day.
x. Impellers were trimmed for electrolyte circulation pumps and power
consumption was reduced by 207 units.
xi. Covering of cell house bottom area during winters and various other
initiatives have resulted in the reduction in steam consumption to 80
kgs/MT in 2009-10 against 88 kgs/MT in 2008-09 at Silvassa refinery.
xii. Natural briquette has been used for firing boiler in place of Furnace
Oil at Silvassa. Use of briquettes has reduced the steam cost from Rs.
1,737/MT steam to Rs. 1,422/MT steam at Silvassa.
xiii. 5A burners have been put up in Anode Casting Plant at Silvassa and
the blowers have also been modified during the year. These have resulted in
the reduction of Furnace Oil consumption from 57.02 lit/MT to 55.23 lit/MT.
xiv. In CCR and Refinery plants high efficiency pumps have been installed
that have resulted in savings of 4 Units/MT in CCR and 1 Unit/MT in
Refinery.
b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy
i. Installation of Vapor absorption machine in Sulphuric acid plant to
generate refrigeration from the waste heat and utilize for intake air
cooling in oxygen plant.
ii. Energy efficiency lighting system for Tuticorin complex leading to
reduction in power consumption.
iii. Energy efficiency coating for all major pumps to save 3% of energy for
pumping.
iv. Interconnection of RHF-E supply and return lines to stop return water
pumps during non-granulation time.
v. To build an automated energy management center to optimize and fine tune
all energy flow across the system.
vi. Replacing compressed air with blower air for cake drying in ETP.
vii. Use of LNG at CCR Chinchpada in place of LPG.
viii. Use of twin lobe blowers in place of compressed air in PMB, ASWM and
other places
ix. Use of fan less cooling tower in place of conventional cooling towers
x. Exploration of use of solar energy for heating CSM wash waters and
Boiler feed water
xi. Replacement of 8 motors and pumps with high efficiency pumps at both
CCR and Refinery
xii. Use of Flux Maxios at CCR Piparia
xiii. Nickel Sulfate plant expansion to reduce Ni levels in electrolyte
resulting in power savings to the tune of 13 Units/MT
c) Impact of above measures in a) and b) for reduction of energy
consumption and consequent impact of cost of production of goods.
The efforts taken to conserve energy will not only bring down the cost of
production significantly, but will also help us to preserve the
environment.
d) Total energy consumption and energy consumption per unit of production.
As per Form A annexed.
(B) Technology absorption
Efforts made in technology absorption As per Form B annexed.
(C) Foreign exchange earnings and outgo
(a) Activities relating to export, initiatives taken to increase export;
development of new export markets for products and services; and export
plan:
1. The export volume for 2009-10 was 127,095 MT, representing an increase
of 11.4% from the previous year.
2. There was a decrease in the volume of export of copper rods by 38% in
the value added products (copper wire rods) over the achievement made in
2008-09, mainly due to the surplus availability in the overseas market.
(b) Total Foreign Exchange used and earned:
Amount (Rs. in Crore)
S.No. Particulars 2009-10 2008-09
1) Foreign exchange earnings 5,945.01 4,580.17
2) Foreign exchange outgo:
CIF Value of imports of Raw Material,
Components & Spare Parts 12,110.99 8,197.01
Capital Goods 5.71 19.21
Others 540.73 183.33
FORM A'
Disclosure of particulars with respect to conservation of energy
Year Ended Year Ended
31 March 31 March
Particulars Unit 2010 2009
A. Power and Fuel Consumption
Electricity
Purchase Unit MWH 2,11,047 1,84,740
Total Amount (Excluding Demand Charges) Rs.Crore 87.32 74.34
Rate/Unit Rs. 4.14 4.02
Own generation Unit* MWH 3,39,301 3,25,368
Unit per unit of fuel 4.83 4.85
Cost/Unit Rs. 5.32 5.50
Furnace Oil
Quantity** KL 90,385 76,740
Total Amount Rs.Crore 206.31 177.57
Average Cost per litre Rs. 22.83 23.14
Diesel
Quantity KL 621 484
Total Amount Rs.Crore 1.90 1.64
Average Cost per litre Rs. 30.66 33.97
L.P.G./Propane/IPA
Quantity MT 10,710 11,658
Total Amount Rs.Crore 36.42 47.21
Average Cost per litre Rs. 34.00 40.50
LSHS
Quantity MT - 7,411
Total Amount Rs.Crore - 21.35
Average Cost per litre Rs. - 28.81
B. Consumption per MT of Production:
Electricity MWH 1.65 1.63
Furnace Oil KL 0.27 0.25
Diesel KL 0.01 0.01
L.P.G./Propane/IPA MT 0.03 0.04
LSHS MT - 0.02
* This includes the WHRB Generation also.
** This includes the FO consumed in CPP also.
FORM B'
Form of disclosure of particulars with respect to technology absorption
Research and development (R & D)
1. Specific areas in which R & D
carried out by the Company : Not Applicable
2. Benefits as a result of R & D : Not Applicable
3. Future plan of action : Not Applicable
4. Expenditure on R & D:
a. Capital }
b. Recurring } Not Applicable
c. Total }
d. Total R & D expenditure as a }
percentage of total turnover }
Technology absorption, adaptation and innovation
1. Efforts in brief made towards technology absorption, adaptation and
innovation:
i. Commissioning of Reverse Osmosis plant
ii. DO Plant commissioning
iii. Change in Launder castables for a longer life.
iv. Installation of PMI Testing kit resulting in finding material MOC of
all grades of steel.
v. Redesigning of Furnace Blower which led to better productivity in Anode
Casting Plant at Silvassa
vi. Installed bearing-less pumps in Silvassa plant to reduce power
consumption.
2. Benefits derived as a result of above efforts e.g., product improvement,
cost reduction, product development, import substitution:
The Above mentioned initiatives have resulted in a lower cost of production
and a better working environment.
3. In case of imported technology (imported during the last 5 years
reckoned from the beginning of the financial year) following information
may be furnished
a. Technology imported Selenium Plant - Outokempu Outotec OYJ
b. Year of import (Year 2005) Bismuth Plant - IBC Advanced
Technologies (Year 2007)
Dore Plant - Outokempu Outotec OYJ (Year 2009)
c. Has technology been The technology has been fully absorbed.
fully absorbed
Annexure to the Directors' Report
List of companies/persons constituting Group coming within the definition
of 'group' for the purpose of the SEBI (Substantial Acquisitions of Shares
and Takeovers) Regulations, 1997, include the following:
Sr. Name of Group Companies
No.
1. Volcan Investments Limited, Bahamas
2. Vedanta Resources Plc, United Kingdom
3. Vedanta Finance Jersey Limited, Jersey
4. Vedanta Resources Holdings Limited, United Kingdom
5. Twinstar Holdings Limited, Mauritius
6. Welter Trading Limited, Cyprus
7. Vedanta Resources Finance Limited, United Kingdom
8. Vedanta Resources Cyprus Limited, Cyprus
9. Richter Holding Limited, Cyprus
10. Westglobe Limited, Mauritius
11. Finsider International Company Limited, United Kingdom
12. Sesa Goa Limited, India
13. Sesa Industries Limited, India
14. Konkola Copper Mines Plc, Zambia
15. Vedanta Aluminium Limited, India
16. The Madras Aluminium Company Limited
17. Sterlite Infra Limited, India
18. Sterlite Opportunities and Ventures Limited, India
19. Talwandi Sabo Power Limited, India
20. Hindustan Zinc Limited, India
21. Bharat Aluminium Company Limited, India
22. THL KCM Limited, Mauritius
23. KCM Holdings Limited, Mauritius
24. Vedanta Resources Investments Limited, United Kingdom
25. THL Aluminium Limited, Mauritius
26. Monte Cello BV, Netherlands
27. Sterlite Energy Limited, India
28. Copper Mines of Tasmania Pty Ltd, Australia
29. Sterlite (USA) Inc., USA
30. Fujairah Gold FZE, UAE
31. Thalanga Copper Mines Pty Ltd., Australia
32. Monte Cello NV, Netherlands Antilles
33. Anil Agarwal Discretionary Trust, Bahamas
34. Onclave PTC Limited, Bahamas
35. Lakomasko BV, Netherlands
36. Vedanta Jersey Investments Limited, Jersey
37. Vedanta Resources Jersey Limited, Jersey
38. Vedanta Resources Jersey II Limited, Jersey
39. V S Dempo & Co. Private Limited, India
40. Dempo Mining Corporation Private Limited, India
41. Goa Maritime Private Limited, India
42. Vizag General Cargo Berth Private Limited, India
43. Allied Port Services Private Limited, India
44. MALCO Industries Limited, India
45. MALCO Power Company Limited, India
46. Mr. Anil Agarwal
For and on behalf of the Board of Directors
Anil Agarwal
Chairman
Place : Mumbai
Dated : 26 April 2010
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