Vedanta Limited provided a follow-up to their previous letter dated July 21, 2023, announcing additional decisions made by the Board of Directors at their meeting held on the same day. Firstly, the Board acknowledged the superannuation of Mr. Sunil Duggal, the Whole-Time Director & CEO, effective July 31, 2023, and expressed appreciation for his contributions during his tenure.
Secondly, on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. Arun Misra (DIN: 01835605) as an Additional Director, designated as an Executive Director of the Company, effective from August 01, 2023, until May 31, 2025. However, this appointment is subject to approval from the shareholders.
Mr. Arun Misra currently serves as the Chief Executive Officer (CEO) of the Zinc Business and has been leading Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Limited. He was previously appointed as Deputy CEO of HZL in November 2019 and elevated to CEO & Whole-Time Director from August 2020. Since June 2022, Mr. Misra has also been overseeing the operations and growth of Vedanta Zinc International in South Africa. His achievements include becoming the first-ever Indian Chairperson of the International Zinc Association and being Vice President of the Indian Institute of Mineral Engineers. Mr. Misra’s leadership has garnered accolades, including the ‘CEO of the Year’ award, and under his guidance, HZL has retained its prominent position in corporate responsibility assessments within the mining and metal industry.
Mr. Arun Misra, after completing his Bachelor’s degree in Electrical Engineering from IIT, Kharagpur, pursued additional diplomas in Mining and Beneficiation from the University of New South Wales Sydney, and General Management from CEDEP, France. He has extensive knowledge in various quality management models such as TQM, Six Sigma, TPM, and the Malcolm Baldridge Model.
Mr. Misra began his career with Tata Steel and accumulated 35 years of diverse experience, holding several strategic positions. In his last role at Tata Steel, he served as Vice President in the Raw Materials Division, leading various crucial portfolios including Plant Operations, Mining Operations, Safety, and Project Management.
He is not related to any current Director of the Company as per the definition provided under the Companies Act, 2013. Additionally, Mr. Misra has not faced any debarment from holding a director’s office by any regulatory authority, as per SEBI regulations.
The Board of Directors approved a capital expenditure of ₹1,305 Crores for the Sijimali bauxite block, located in Odisha. The block was secured through a mineral block auction conducted by the Government of Odisha. The mining commencement is targeted for the 3rd quarter of FY 2025. The capex will be phased over future financial years and funded through internal accruals. The Sijimali bauxite block holds significant strategic importance for Vedanta due to its size, location, and bauxite quality, with estimated reserves of 311 million tonnes of bauxite.
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Updated: 22 Jul 2023, 06:46 PM IST