Vedanta Ltd announced that they have been ordered to pay Rs 320 crore in penalties, an oil industry development cess, and applicable interest.

Vedanta’s exchange filing said that the demand relates to the unpaid cess on behalf of Videocon Industries Ltd, a partner in the Ravva oil and gas block, for the period between December 2019 and March 2023.

The Visakhapatnam Central GST Commissionerate issued the ruling, and Vedanta is evaluating its options for appealing to the proper authority. The business emphasised that this injunction would not affect its own financials or operations.

Vedanta recorded a consolidated net profit of Rs 4,352 crore for the September quarter, while revenue was Rs 37,171 crore.

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