Indian miner Vedanta hands Finsbury PR task

Indian mining company Vedanta Resources has hired Finsbury as its financial PR adviser just four months after using Financial Dynamics for its stock market debut.

A spokesman for Vedanta confirmed that Finsbury was brought in to handle the group’s financial and corporate comms earlier this month. Finsbury director James Murgatroyd is leading the account.

Murgatroyd reports to Vedanta finance director Peter Sydney-Smith.

FD managing director Andrew Lorenz, who worked on the account to lead Vedanta to market (PRWeek, 12 November 2003), said that FD finished work with the company in January after the flotation and declined to pitch for the account.

Vedanta, which floated on the London Stock Exchange last December, was originally a spin-off vehicle for some of the assets of Sterlite Industries, a Mumbai-based copper mining company which owns Australian Mines, 46 per cent of Hindustan Zinc and 51 per cent of Bharat Aluminium Company.

The firm owns over 55 per cent of Sterlite and 80 per cent of Madras Aluminium.

Following the company’s flotation at 390p a share, Vedanta was marked down by some City brokers amid concerns over tariffs and risk from workers’ challenges to India’s privatisation process.

Last week, Vedanta grew its interest in Sterlite to 68.1 per cent at a cost of £12.1m and said its results would be in line with expectations.

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