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Economic & Social Impact of Vedanta

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Economic & Social Impact of Vedanta ECONOMIC & SOCIAL IMPACT OF VEDANTA CONTENT OVERVIEW Socio-Economic Impact Assessment of Vedanta 04 HZL Introduction 12 Industry Analysis 16 Economic Impact 20 Social Impact 36 CAIRN INDIA Introduction 50 Industry Analysis 54 Economic Impact 57 Social Impact 64 BALCO Introduction 76 Industry Analysis 79 Economic Impact 81 Social Impact 89 VEDANTA ALUMINIUM Introduction 102 Economic Impact 104 Social Impact 115 TSPL Introduction 122 Economic Impact 125 Social Impact 134 STERLITE Introduction 140 Economic Impact 142 Social Impact 149 SESA GOA Introduction 162 Economic Impact 164 Social Impact 174 METHODOLOGY 183 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA Businesses have a substantial impact on Companies practising shared value build their people’s lives, whether as employees, suppliers, business model around some societal problem. investors or consumers. They play a critical role in shaping people’s well-being, generating The study “Socio-Economic Impact Analysis of employment opportunities and enhancing the Vedanta” is aimed at analysing the impact of economic prosperity of regions. This happens seven companies of Vedanta, namely, Hindustan through the choice of products and services Zinc Limited, Bharat Aluminium Company that they offer to the society, their investment Limited, Vedanta Aluminium, Talwandi Sabo decisions, the contribution to public finances, Power Limited, Sesa Goa Iron Ore, Sterlite the opportunities they offer for skilling and Copper, and Cairn India. The analysis is divided training, their internal governance, or through in three sections – Introduction, Economic their impacts on the physical space and the Impact and Social Impact. resources available to society and future generations. The introductory part of every section presents an overview of the company and its operations, The enhancement of community well- its growth over the years and its contribution to being and being mindful of their impact on industry’s overall output. The industry analysis environment is important for businesses not that is examined through Diamond Model only on moral grounds but also economically. Framework and the Value Chain Framework It provides them with potential opportunities is also a part of the introductory analysis. It to achieve greater commercial success. There helps in understanding the strategic position of are many studies advocating that engaging in India’s industry and the competitive advantage sustainable practices make companies more available to the company. The economic impact competitive and resilient. In addition, many analysis studies the change in economic activity companies are now following the practice due to company’s operations. The social impact of shared value. They are finding business analysis examines the improvement in well- opportunities in social challenges faced by being of individuals through company’s CSR the society. The approach differs significantly activities and how the company is creating from the idea of “giving back” to the society. shared value. 4 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA 1.0% Indirect Impact 0.40% 2.20% Direct Induced Impact Impact (All data as % of GDP) Impact of Vedanta Company Direct Impact Direct Indirect Indirect Induced Induced (Total Sales) Impact (As a Impact Impact (As a Impact Impact (As (INR Cr.) % of GDP) (INR Cr.) % of GDP) (INR Cr.) a % of GDP) HZL 22,521 0.13 63,960 0.37 1,30,622 0.76 Cairn 9,536 0.06 18,786 0.11 48,729 0.29 Sesa 3,257 0.02 5,765 0.03 16,090 0.09 TSPL 4,207 0.02 11,106 0.06 23,936 0.14 Balco 9,023 0.05 15,971 0.09 44,574 0.26 Vedanta 19,001 0.11 53,962 0.32 1,10,203 0.64 Aluminium Total Impact 67,544 0.40 1,69,550 1.0 3,74,154 2.20 of Vedanta India’s GDP 2017-18 (INR Cr.)- 1,70,95,005 Induced impact for 2017-18 1 2.5 11% average growth rate 2.19 2 1.76 1.5 1 % of India’s GDP % of 0.5 0 2015-16 2016-17 2017-18 Figure : Change in Overall Induced impact of Vedanta Group as a percentage of India’s GDP. 1 To keep the year consistent across all firms for calculating the overall Vedanta’ induced impact the above table is for 2017-18. For some companies the analysis is also done for 2018-19 and is present in their respective detailed reports. 5 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA Overall Employment Multiplier: Vedanta Group Ltd. Vedanta Aluminium has been a key player in overall significant impact on employment by generating employment through its various generating around 962824 man-year which industries and as a result benefitting the translates to creating 17 job opportunities per economy and society. Ranging from industries employee of Vedanta Group Ltd. like ore-mining to electricity, Vedanta has an Company Impact On Employment Total no. Employees Employment Impact per employee of the Company HZL 3,91,865 21,397 18.31 CAIRN 1,11,571 7,970 13.99 BALCO 1,19,103 9,331 12.76 VAL 3,30,609 15,549 21.26 TSPL 9,676 1,493 6.48 OVERALL IMPACT 9,62,824 55,740 17.27 Employment Impact per employee of the Company 18.31 21.26 17.27 13.99 12.76 6.48 HZL CAIRN BALCO VAL TSPL OVERALL IMPACT 6 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA 7 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA 8 SOCIO-ECONOMIC IMPACT ASSESSMENT OF VEDANTA Hindustan Zinc Limited is the second-largest zinc-lead miner in the world and accounts for of India’s 80% zinc demand. ECONOMIC IMPACT OF HZL OPERATIONS THE COUNTRY SAVES OVER THE COUNTRY SAVES ABOUT INR 10,150 Cr. of foreign exchange INR 2,100 Cr. through domestic of foreign exchange through production of zinc by HZL. domestic production of lead by HZL. THE COUNTRY SAVES OVER INR 2,200 Cr. of foreign exchange through domestic production of silver by HZL The induced impact is as large as 0.64% of India’s GDP* 56% *For the FY19. of the company’s revenue goes as contribution to GOVERNMENT EXCHEQUER 10 HINDUSTAN ZINC LTD. Potential Impact of Tax Contribution EDUCATION 6 TIMES Support the primary education of higher average 1.38 Cr. students remuneration of HZL than manufacturing employees in Rajasthan HEALTH & WELLNESS Support over Hindustan Zinc’s impact 2 lacs on output is equal to medical officers for a year 0.33 % of India’s GDP and its impact on CONTRIBUTION TO GDP income is equal to IS EQUIVALENT TO 0.10 % 0.13% of GDP of India’s GDP THE COUNTRY SAVES OVER SOCIAL IMPACT OF HZL OPERATIONS HZL through its operations has impacted 64,000 children until now and the gains of such intervention amount to INR 1,497 Cr. The Siksha Sambal programme of HZL results in a cumulative income improvement of about INR 20 Cr. on a yearly basis THE UNCHI UDAAN PROGRAMME OF HZL RESULTS IN A WAGE BOOST OF INR 160,000 per year on an average for each student. 11 HINDUSTAN ZINC LTD. INTRODUCTION Just as steel plays a pivotal role in the development of a modern economy and its consumption is often taken as an indicator of economic development, zinc has an equally vital role in a nation’s economic progress. This is because, among other uses, zinc is mainly used in galvanising iron and steel as a protection against corrosion. The non-ferrous metal is, thus, an indispensable part of a nation’s infrastructure building. It also finds application in the electrical and chemical industry, light industry, military, medicine, and other fields. In India, zinc production is synonymous with Hindustan Zinc as the company accounts for all of the country’s zinc production and cater to almost 80% of the country’s zinc demand. Moreover, the company is the second largest zinc-lead miner and the fourth largest zinc-lead smelter globally. As a result of its immense production capacity and market footprint, the company has a leading role to play in defining India’s socio-economic development. The country’s appetite for zinc will only expand with the times considering the increasing expenditure of the government towards infrastructure development, especially on the urban front, with projects under initiatives like the Smart Cities Mission and Swachh Bharat. Hindustan Zinc: A Privatisation Story Hindustan Zinc Ltd. (HZL) was set up in 1966 Figure 1 shows the transformation that has as a public sector undertaking. However, as taken place in the financial performance of the operations were becoming unviable for the company since the privatisation of HZL in 2002. government after a continuous downward trend in global zinc prices, it decided to privatise the company in 2001 as a part of Atal The company, which was Bihari Vajpayee’s disinvestment plan. In April 2002, the government sold its 26 percent stake barely breaking even when in HZL to Sterlite Opportunities and Ventures it was government-run, Limited (SOVL) and transferred management control. SOVL acquired additional stake in 2003 witnessed a stark upswing in and expanded its stake up to 64.92 percent. its revenue and profits after After a series of mergers, HZL is now a direct subsidiary of Vedanta Limited. being taken over by Vedanta. Specifically, while the profit after tax rose from about INR 300 million to INR 1.6 billion under government control between 1989 and 2001, it shot up to INR 92.7 billion by 2018. 12 HINDUSTAN ZINC LTD. Since the disinvestment, the company has gone from strength to strength. HZL’s ore production capacity has expanded about eight-fold from about 12 mn 1.5 mn tonne per annum tonne per annum 2002 Today Meanwhile, the zinc, lead and silver metal production capacities through smelting have witnessed over a seven-fold increase since 2002.
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