Monthly Archives: May 2014

Video reveals Agarwal’s $500 million a year profit at KCM!

Agarwal, JITO, March 201412th 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.

The video’s revelations have been widely discussed by the Lusaka Times, and opposition politicians in Zambia.

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.”

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