Vedanta’s subsidiary Sterlite has a 51% in Balco, which it bought from the government in 2001 for INR5.5bn ($111.7M). The then government gave Sterlite the right to buy the remaining stake after a three-year period.

But when Sterlite subsequently tried to buy the government’s residual stake, differences arose between the government and Sterlite on the valuation. The matter finally culminated in arbitration by a bench of three retired Supreme Court judges.

“The arbitration process is concluded. An award is expected soon. By March, we hope to acquire the government’s residual stake,” Vedanta Resources chairman Anil Agarwal told agencies in Mumbai.