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Cairn's Merger Into Vedanta Creates India's No 1 Natural Resources

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Cairn's Merger Into Vedanta Creates India's No 1 Natural Resources RNI No.35850/80; Reg. No. MCS-123/2015-17; Published on: Every alternate Monday; Posted at Patrika Channel Sorting office, Mumbai-400001 on every alternate Wednesday-Thursday `50 n ONE BELT ONE ROAD n MODI’S THREE YEARS n BANKING: PERFECT STORM May 22-June 4, 2017 n AYURVEDA VERSION 2 Anil Agarwal Founder-Chairman Vedanta Plc An Indian Giant Cairn’s merger into Vedanta creates India’s No 1 natural resources company Cover Feature BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD The natural resources billionaire here are stories told of the nation,” says Agarwal candidly. 65-year-old Anil Agarwal, “Don’t we have the right to use our group chairman, Vedanta Anil Agarwal puts own oil, gold, copper, fertilizer, etc?” Resources plc (listed in India on the global he asks. “We have to look at these in London) & chairman natural resources the swadeshi perspective. So, this is Temeritus of its Indian arm, Vedanta the genesis of my dream, to become Ltd. They say, in his early 20s, when map, with Vedanta a natural resource player. And, trust he first came to Mumbai from Patna, among the top 10 me, whatever I do, I do with a ‘pur- he barely understood English. The pose’. I tell all my executives: you only two words he knew were ‘yes’ producers must have a feeling about what and ‘no’. However, Agarwal relocated Vedanta is doing, it is for a specific abroad in 2003 and, as an NRI living purpose, it is for our society. If there in London (as he does these days), he not for satisfying personal needs,” is anything in what we are doing, has picked up a lot more of the lan- says Agarwal, who has a passion for you feel, will not be good for soci- guage, and can speak with passion mother earth. “If you look at how ety, please pause to rethink,” exhorts on the subjects closest to his heart – America was built, and I got this from Agarwal, while elaborating on the natural resources and the building of the Discovery channel, it doesn’t philosophy that has guided him. the nation, India. show any politicians, scientists or But, one word he hasn’t added to inventors, but they talk about the Dream into reality his vocabulary is ‘maybe’. This anec- industrialists, who have built Amer- Agarwal’s dream from the very begin- dote exemplifies his steely vision and ica – the likes of John D. Rockefeller, ning was to become a global natural determination. Nowhere has this J.P. Morgan, Henry Ford, Cornelius resource player. “You know we are been more in evidence than in his Vanderbilt and Andrew Carnegie. the only mining and natural resource takeover and turning around of a slew They speak about how their indus- company in India. Everybody feels of companies, including the latest, trial innovations and business proud to have a world-level natural Cairn India. A strong believer in the empires revolutionised modern soci- resource company originating from India growth story, Agarwal’s mantra ety. These are the people, Discovery his country. BHP Billiton says ‘I am is to use every opportunity that has channel says, who have built Amer- from Australia’, Axon says ‘I am from potential to create employment and ica, which was nothing. India has a America’, Vale says ‘I am from Bra- eradicate poverty. He envisions an huge culture and history of centu- zil’, Anglo American says, ‘I am from India self-reliant on its energy needs, ries. America had nothing and they South Africa’. Now, Indians can say, export-oriented, sustainable and a built the foundation on these five here is Vedanta, which is from India. socially responsible country. people. So, I findI ndia is probably in We want to have our DNA tested to And he has done it, leading from the very same situation – you need prove that we are an Indian com- the front, creating a R71,721 crore a political leader; you need a leader pany and are proud to be an Indian (post merger) conglomerate, which who can take the country’s trade, company,” he adds. Agarwal has now is one of the fastest-growing diversi- industry and infrastructure forward. completed the merger of Vedanta fied global metal and mining majors, Now is the time for India”. with Cairn, a company he bought in with interests in aluminium, zinc, “Earth is important; its contribu- 2012, which was a major step in the copper, lead, silver, iron ore, oil & tions are above the ground, as also direction of becoming a full fledged gas and energy. The group has opera- below the ground. Above the ground natural resource player. tions in India, Zambia, Ireland, Aus- is agriculture. I have undertaken this On 15 May 2017, the merged tralia, South Africa, Liberia, the UAE mission to explore natural resources, entity has come out with its cor- and Namibia. which are below the ground. They porate scorecard for the year ended “Vedanta, I believe from my heart, are also important and they help March 2017. While the revenues are is a company with a ‘purpose’; it’s to eradicate poverty and build the up from R63,920 crore to R71,721 u 30 u MAY 22-JUNE 4, 2017 BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD Cover Feature SANJAY BORA D E u 31 u MAY 22-JUNE 4, 2017 Cover Feature BUSINESS INDIA u THE MAGAZINE OF THE CORPORATE WORLD crore, the profit after tax has soared SANJAY by three times to R10,022 crore, as B against the previous year’s R3,553 ORADE crore. The other key financials show progress too – EBIDTA (R21,437 crore), cash (R63,471 crore) and net debt (R8,099 crore). Today, with a market cap of R1,14.308 crore, it is the eighth largest private sector industrial unit in India (excluding banks and tech companies) and the first to publish a tax transparency report. “The merger with Cairn India transforms Vedanta Ltd into a diver- sified natural resources powerhouse, anchored in India. The combined entity truly reflects our strong, diver- sified, low-cost portfolio with indus- try-leading volume growth from our well-invested assets. We are looking forward to an exciting 2017-18 and future years, with all our businesses Navin: the operations man operating at full capacities and cost efficiencies,” explains Navin Agar- has supplemented revenue growth. returns for all our shareholders,” adds wal, chairman, Vedanta Limited, In particular, record production lev- Thomas Albanese, CEO, Vedanta Ltd. who is the younger brother of Anil. els at zinc and aluminium were well- Albanese hails from Rio Tinto, where “Our strategic focus, to ramp up timed in an environment of strong he was CEO from March 2007 to Jan- production across the portfolio in supply side pressures on both com- uary 2013. zinc, aluminium, power and iron modities. Our cost management ini- “In less than three decades, Agar- ore businesses throughout the year, tiatives have helped us deliver strong wal has managed to build a diversified Exploration hydrocarbon potential of the technologies in North Amer- Rajasthan block. For this, one ica. The management team n one of the biggest buy- world. The first polymer injec- of the key hurdles was the non- acted swiftly to initiate a two- Iouts for a domestic com- tion at the Mangala field was clarity on exploration, and rev- pronged strategy to develop pany, Vedanta acquired Cairn achieved ahead of schedule enue share, in a development the tight oil & gas formations. India in 2012. The UK Cairn Plc in October 2014. Today, over phase of the block. The gov- The Vedanta group initi- had a business model of dis- 400,000 barrels of polymerised ernment, in 2013, clarified ated an ambitious appraisal covering oil, putting the fields liquid are injected in the field the exploration policy, paving programme for the tight in production and then hav- and the Mangala EOR produces the way for Cairn’s expansion. oil discoveries focussing ing captured the growth, sell- about 56 kboepd (8 per cent of In order to establish the full on Barmer Hill. The group ing to focus on new areas for domestic production). Buoyed potential of the block, Vedanta invested more than $100 mil- exploration by the success of the Mangala invested a capex of over $600 lion in order to test new frack- At the time of the acquisi- EOR project, the management million for exploratory and ing technology and assess tion, Cairn was at a nascent team is pursuing polymer flood appraisal wells and seismic the hydrocarbon potential. At stage of growth. One of the execution in the Bhagyam and data acquisition. The success- Barmer Hill, eight horizontal key projects Vedanta initiated Aishwariya fields. ful exploration programme wells were drilled. Every well was the commencement of the Over the course of the added 1.7 billion barrels of had about 10 fracs and, on enhanced oil recovery (EOR) six years since acquisition, oil or oil equivalent of hydro- an average, 2,00,000 pounds project for the most prolific the gross production volume carbon potential with 13 new of proppants were infused for Mangala field. This project was from the Rajasthan field has discoveries. these fracs. The ‘limited entry planned ahead of schedule, increased from 100,000 bar- These new discoveries technique’ of fracturing using with the management team rels of oil or oil equivalent posed a fresh set of challenges multiple perforations in sin- identifying the potential for per day to 160,000 per day for the management team gle stage and precise reservoir chemical EOR at an early stage in 2016-17.
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