Please refer the enclosed file.
Awaiting price reaction for this filing.
Vedanta's wholly-owned subsidiary Talwandi Sabo Power Limited (TSPL) is in an arbitration dispute with SEPCO Electric Power Construction Corporation over a 3x660 MW thermal power project in Punjab. SEPCO had originally invoked arbitration in 2015, but the parties settled in 2016. After SEPCO allegedly failed to meet its contractual and settlement obligations, TSPL terminated the contracts in 2024 and issued a fresh arbitration notice. When SEPCO did not respond and the parties could not agree on a presiding arbitrator, TSPL approached the Supreme Court. On April 3, 2025, the Supreme Court ruled it has jurisdiction to appoint the third arbitrator and appointed Mr. Quentin Loh as the presiding arbitrator/umpire, allowing the arbitration to formally proceed. Senior counsel Abhishek Manu Singhvi and Ritin Rai represented TSPL, while Cyril Amarchand Mangaldas appeared for SEPCO.
This is a procedural milestone that enables the arbitration to formally begin; Vedanta has not yet won any monetary award. The outcome could materially affect Vedanta if TSPL recovers damages, but investors should wait for the arbitral award before assuming any financial impact.