Archive · 19 Jan 2026
Odisha demands ₹1,255 crore from Vedanta's ESL Steel
The government of Odisha has asked ESL Steel, a company owned by Vedanta, to pay ₹1,255 crore.
This is because they say ESL Steel did not produce and send out enough iron ore as they were supposed to.
ESL Steel says they don't agree with this and will fight it in court.
Meanwhile, Vedanta's shares have been doing well, going up a lot in the past few months and years.
Some experts think the stock will keep going up because of good performance in metals like aluminium and zinc.
Odisha government issued two demand notices totaling ₹1,255,37,61,591 to ESL Steel.
The notices allege shortfall in meeting production and dispatch targets under mining leases.
ESL Steel believes the claims are not valid and will pursue legal remedies.
The demand relates to the fourth year of operation under mining leases agreed upon in November 2021.
Vedanta Limited's shares have gained 44% in three months, with brokerages setting price targets of ₹780 and ₹806.
- Who
- ESL Steel Limited (Vedanta subsidiary) and Government of Odisha
- What
- Demand notices for ₹1,255,37,61,591 over alleged production shortfall
- When
- Not specified (recent)
- Where
- Odisha, India
- Why
- Alleged failure to meet minimum production and dispatch targets under mining leases
- Company
- ESL Steel Limited (Vedanta subsidiary)
- Demand Amount
- ₹1,255,37,61,591
- Issued By
- Office of the Deputy Director of Mines, Koira Circle, Government of Odisha
- Reason
- Alleged shortfall in production and dispatch targets
- Rule Violated
- Rule 12(A) of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016
- Mining Leases
- BICO and Feegrade mining leases
- Agreement Date
- November 15, 2021
- Company Response
- Evaluating notices, intends to pursue legal remedies
- Stock Price Change
- Vedanta Limited shares closed at ₹681.05, up 0.78%
- Stock Performance
- Vedanta shares gained 44% in three months, 156% in two years, and 292% in five years
- Brokerage Targets
- Kotak: ₹780, Nuvama: ₹806
- EBITDA Projection
- ₹74,000 crore for FY2027
- Market Cap
- ₹2.67 lakh crore
