Vedanta Resources plc’s subsidiary Vedanta Limited said it has appointed Samir Cairae as Chief Executive Officer (CEO) of Diversified Metals (India). He will report to Tom Albanese, CEO, Vedanta Resources Plc and will be a member of Vedanta Executive Committee team.
Heads of aluminium, copper, power and iron ore business will report to the new CEO.
“Samir will provide operational and strategic leadership for the performance of Vedanta Limited’s Aluminium, India Copper, Power, Iron Ore divisions in addition to Commercial and Asset optimization functions” said Tom Albanese, CEO, Vedanta Resources Plc.
Cairae earlier held various leadership positions at Lafarge and Schlumberger.
The business Standard newspaper quoted industry sources as saying that Cairae has been brought in to look after the firm’s cost cutting measures as well as for asset optimisation as the metals to oil conglomerate braces up for a tough 2016 in the commodities market, which has been adversely impacted by softening prices and subdued demand.
In October last year, Vedanta Resources said it has trimmed capital and operating expenditures in July-September quarter as the mining conglomerate tries to tackle volatile market conditions as well as subdued metal prices globally.
Challenging commodity prices pulled down the consolidated net profit of Vedanta Ltd by 40.6 per cent to Rs 973.97 crore in the second quarter of the current fiscal from Rs 1,639.93 crore during the same quarter of 2014-15. Net sales fell to Rs 16,349.21 crore from Rs 19,448.14 crore during the same period, the newspaper said.
Vedanta, earlier known as Sesa Sterlite, last year shut its rolling mill at Balco and also stopped a production stream at Lanjigarh to save costs, that led to about 3,000 job cuts — both direct and indirect. It also started a cost cutting drive at iron ore business in Goa (Sesa Goa) that includes slashing up to 450 jobs and liquidating non-productive land and other properties, the newspaper added.