Metals and mining giant Vedanta is seeking shareholder approval for related party transactions worth Rs 8,661 crore this financial year (FY23).

Three resolutions have been placed on the agenda of the company’s annual general meeting (AGM) to be held on August 10, involving subsidiaries. This includes related party transactions with Bharat Aluminium Corporation (BALCO), of which Vedanta owns 51%.

The deal, valued at Rs 4,984 crore, will involve buying and selling goods and services, shops and spare parts, and fixed assets in FY23. The other two deals, ESL Steel and Sterlite Power Transmission are worth Rs 1,712 crore and Rs 1,965 crore, respectively.

Vedanta said the deals were necessary to achieve synergies and economies of scale and were valued by independent valuers. The company also said it received approval from the audit committee to proceed with the transaction.

Last year, the Securities and Exchange Board of India (Sebi) warned the company for executing related party transactions worth Rs 1,407 crore without prior approval from the audit committee.

The company’s independent auditor and secretarial auditor pointed to the issue in the company’s annual report for FY21. In the FY22 annual report, there is no mention of such issues.