May 13, 2022
By: Bhakti MakwanaForbes released a list of top 2,000 companies around the globe, and Reliance Industries occupied the top slot, followed by banks, energy majors TCS and Tata Steel. However, the most remarkable growth came from Anil Agarwal’s Vedanta group.
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The oil to metals conglomerate Vedanta jumped 703 spots to rank at 593 on the Forbes global list. It is the highest leap among all Indian companies, and was aided by a surge in commodity prices, especially that of aluminum.
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China, the world's biggest producer of aluminum, has been struggling with a severe shortage of electricity which has left factories struggling with production.
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This led to a supply crunch thereby giving a great opportunity to Vedanta to cover the gap.
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According to the Forbes report, Vedanta generated $16.38 billion in sales with a profit of $2.63 billion in FY22.
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The country aims to gradually increase the share of non-fossil energy consumption. In order to cut down carbon output, it is restricting the electricity consumption and production of power-intensive industries such as alumina refining and aluminum smelting - giving Vedanta the competitive edge.
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The company is among the world's largest oil & gas and metals companies with major products -- oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminum and power across India, South Africa and Namibia.
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Russia is a major global exporter of commodities, including aluminum and steel. Reportedly, Russia accounts for six million tons of annual aluminum production capacity out of 72 million globally. The sanction on Russia stopped it from aluminum supply.
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The founder and chairman of Vedanta Resources is among the top 100 richest people in the country and has a net worth of $3.25 billion.
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