Video reveals Vedanta boss, and 69% owner Anil Agarwal’s $500 million a year profit at KCM!

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12th May 2014. A video released by activists from Foil Vedanta today, shows Vedanta boss, and 69% owner, Anil Agarwal, telling a large audience how he bought Konkola Copper Mines in Zambia for just $25 million, rather than the $400 million asking price, and receiving loud cheers when he states that the company brings in $500 million in profit each year. Foil Vedanta had previously released figures from Vedanta’s annual reports showing that the company made $362 million in 2013, but Vedanta CEO Tom Albanese had disputed this during his visits to Zambia in February, repeating the previous claim that KCM was making a very low profit or a loss due to high operational costs and taxes.

In the video, Agarwal, speaking to the Jain International Trade Organisation (JITO) in Bangalore, India, March 22 – 23 this year, states about KCM:

“Its been 9 years [since we’ve owned the company], and since then every year it is giving us a minimum of 500 million dollar, plus 1 billion dollar, every year it has been continuously giving back.”

 

SOURCE : FOIL VENDATA

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