Vedanta Faces Hefty Customs Penalty

Vedanta Ltd has been fined Rs 92.04 crore by customs authorities, with an additional Rs 10 crore penalty, over issues related to customs duty. Despite the financial penalty, Vedanta does not anticipate significant financial impact, citing confidence in their legal standing based on recent judicial rulings.

Vedanta has announced that it has been hit with a customs penalty totaling Rs 92.04 crore, along with an additional fine of Rs 10 crore. The order was received on October 8, as disclosed in the company's regulatory filing.

The penalty was issued by the office of the commissioner of customs in Tuticorin, demanding the payment of customs duty along with applicable interest, according to the company. Vedanta stated that despite the penalties, it expects no adverse financial impact.

The company remains optimistic, citing a strong case founded on recent judicial decisions. Vedanta, a subsidiary of Vedanta Resources Ltd, operates across several countries in critical minerals and energy sectors.

(With inputs from agencies.)