Contesting the claim of Comptroller and Auditor General, Anil Ambani group company Reliance Communications on Tuesday said it had no shareholding in Swan Telecom at the time of the grant of licence to it or any time thereafter.

"Our group had no shareholding in Swan Telecom (now Etisalat DB) at the time of grant of licence to them or any time thereafter, and that issue is accordingly not relevant to our company," RCom said in a statement.

Highlighting irregularities in 2G spectrum allocation, the CAG has said that Swan Telecom, one of the companies that got the licence, appeared to act as a "front company" on behalf of Reliance Telecom and doubted the latter's "intention".

Reliance Communications, the company statement said, has always been in full compliance with all applicable laws, rules and regulations, and there has been no violation of our licence conditions at any stage on account of cross-holdings in excess of 10 per cent.

Vedanta Resources is hoping to raise $1.1 billion from listing its Zambian copper subsidiary on the London Stock Exchange, the firm confirmed on Tuesday.

The company, also listed on the London Stock Exchange, had previously announced that it was looking into a potential listing of Konkola Resources, the holding company of Chingola, Zambia-based KCM in which it holds a 79.4 per cent stake.The proceeds will be used to fund its capital expenditure programme and repay some loans from, and liabilities to the company's shareholders, which include ZCCM Investments, a Euro-Next listed company of the Zambian government.

“We look forward to seeing tremendous growth in the company in the coming years, in what is undoubtedly one of the most attractive commodities and one of the premium destinations for copper production,” Mr Anil Agarwal, chairman of the group, said.