Vedanta Acquires Full Ownership of Kalinga Lancers, Strengthens Commitment to Sports Development in Odisha
4th October 2024
- Vedanta assumes complete ownership of Bhubaneswar-based Kalinga Lancers ahead of Hockey India League (HIL).
- Highlights Vedanta’s dedication to nurturing sports in Odisha and contributing to India’s sporting excellence.
New Delhi, October 04, 2024: Vedanta Limited has announced its acquisition of the Kalinga Lancers, a premier hockey team based in Bhubaneswar, Odisha, at a franchisee event held ahead of the highly anticipated return of the Hockey India League (HIL). This acquisition reinforces Vedanta’s long-standing commitment to promoting sports in Odisha, a region where the company has played a pivotal role in socio-economic development for over two decades.
The Kalinga Lancers, former HIL champions, were previously co-owned by Odisha Industrial Infrastructure Development Corporation (IDCO) and Mahanadi Coalfields Limited (MCL). Vedanta Aluminium now assumes full ownership, with a vision to build on the team’s legacy of excellence and elevate their standing in future HIL seasons.
Commenting on this landmark acquisition, Ms. Priya Agarwal Hebbar, Non-Executive Director, Vedanta Limited and Chairperson, Hindustan Zinc, stated:
“At Vedanta, we are committed to transforming India into a global sporting powerhouse. Hockey has been one of the pillars of India’s sports success, with recent Olympic victories further highlighting its potential. With our acquisition of the Kalinga Lancers, we are investing not only in the team but in the future of Indian hockey. Through enhanced infrastructure, grassroots talent scouting, and focused training, we aim to foster a new generation of athletes who will proudly represent India on the world stage.”
Vedanta’s strategic focus will be on assembling a competitive team for the upcoming HIL season, while bolstering infrastructure, securing sponsorships, and exploring partnerships to strengthen the Lancers’ position in the league.
Leveraging Odisha’s world-class sports facilities and rich hockey culture, Vedanta sees this acquisition as a crucial step in both the regional and national growth of the sport. This aligns with the company’s broader mission of fostering socio-economic progress in Odisha, while supporting the state’s role as India’s aluminium hub and a vital contributor to national self-reliance.
Vedanta’s presence in Odisha is significant, with the company operating India’s largest aluminium plant (1.8 MTPA) in Jharsuguda, and a state-of-the-art alumina refinery (3.5 MTPA) in Kalahandi. Vedanta Aluminium has created over 100,000 direct and indirect jobs in the state, further solidifying Odisha’s position as a leader in India’s industrial landscape. Additionally, through investments in coal, bauxite, ferrochrome, and iron ore, Vedanta plays a critical role in advancing the “Make in India” initiative, contributing nearly 50% of India’s aluminium production and reducing the nation’s dependency on imports.
This acquisition marks another step in Vedanta’s mission to blend business growth with impactful community development, while positioning Odisha as a nucleus of sports excellence in India.
About Vedanta Limited:
Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, have been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programmes with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies have been featured in Dow Jones Sustainability Index, and was conferred Frost & Sullivan Sustainability Awards 2020, Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2022. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.
For more information, please visit www.vedantalimited.com
About Vedanta Aluminium Business:
Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.37 million tonnes in FY24. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, a reflection of its leading sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.
For more information, please log on to www.vedantaaluminium.com
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Disclaimer:
This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
