Sesa Iron and Steel has been incorporated for growth projects and to undertake expansion of its operations. Its main object is to carry out the business of iron & steel business.

The minor incorporated the subsidiary by subscribing to 10,000 equity shares of Rs 10 each, aggregating to Rs 1 lakh.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, the miner's net profit tumbled 40.8% to Rs 3,308 crore in Q1 FY24 on 12.8% decline in revenue from operations to Rs 33,342 crore in Q1 FY24 over Q1 FY23.

Shares of Vedanta declined 1.10% to Rs 238.75 on the BSE.