Vedanta is an diversified mining company engaged in the production of copper (48% : FY 2010 revenues), zinc (21%), iron ore (15%), aluminium (12%) & energy (4%). It is India’s largest metals & mining company, with operations in India, Zambia and Australia. In 2007, it entered the iron ore space through the acquisition of a controlling stake in Sesa Goa. The group is organic growth focussed with a USD 3.5bn capex program in FY 2010, largely funded by free cash flow, and an estimated USD 6.9bn of capex expected over the next three years . Vedanta has healthy EBITDA, over USD 7bn cash & liquid investments with sufficient funds for capital and debt commitments to FY 2013 and is in a strong position to find further funding to pursue growth strategies. Despite the group’s negative exposure to commodity price falls, environmental, human rights and regulatory concerns, its strong balance sheet and cost competitiveness showcase its fundamental strength. Future earnings are expected to be driven by substantial infrastructure investments in India.