Vedanta Limited: Government of India extends the tenure of the Production Sharing Contract for Rajasthan Block (RJ-ON-90/1)
Deepthi | Myequity news | Date : 29-10-2018 09:00:00 IST
The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas (the “GoI”) has granted its approval for a ten-year extension of the PSC for the Rajasthan Block, RJ-ON-90/1 (the “RJ Block”). About Vedanta Limited:
The tenure of the RJ Block PSC is due to expire on 14th May, 2020. The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15th May, 2020. Such extension has been granted by the GoI, pursuant to its policy dated 7th April, 2017 for extension of Pre-New Exploration Licensing Policy (“Pre-NELP”) Exploration Blocks PSCs signed by the GoI (the “Pre-NELP Extension Policy”), subject to certain conditions.
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminum and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) ‘Sustainable Plus Platinum label’, ranking among the top 10 most sustainable companies in India.