Vedanta to invest $9 billion in India#39;s resources sector to meet domestic demand

0
47

Moneycontrol News

Mining giant Vedanta Resources Plc’s executive chairman Anil Agarwal said that the company is planning to invest USD 9 billion in India in sectors such as oil and gas, production of aluminium, zinc, copper, silver and steel and mining of bauxite and rock phosphate.

Agarwal told Mint in an interview that the investment will come in over next few years and will help the company expand its hydrocarbons, metals and mining businesses.

Vedanta is considering such a large-scale investment in the Indian resources sector in order to meet country’s requirements of these commodities locally.

A large part of the proposed investment — USD 2.5 billion — would be directed towards oil  gas to increase their current production to constitute half of India’s crude oil output, Agarwal said. Currently, Vedanta contributes 26 percent to the country’s total crude oil output.

Vedanta’s plan is in resonance with Prime Minister Narendra Modi’s target, which was set in March 2015, to reduce India’s oil import by 10 percentage points to 67% by 2022.

As per the Mint article, other areas of of the investment are in the aluminium sector (USD 1.5-2 billion), bauxite (USD 2 billion), zinc (USD 1.5 billion) and iron ore mining and steel (USD 1.5 billion).

“Directly and indirectly, these investments will create over a million jobs. I am very passionate about our investments in India,” Agarwal told the Mint.

The company also wants to invest to the tune of Rs 4,000 crore to set up high-yield plant producing pellets, pig iron and pipes in Jharkhand.

Additionally, Vedanta is seeking relief from the 10 percent extra profit share that the government expects from its RJ-ON-90/1 block in Rajasthan along with the extension of its existing contract in 2020.

tags

#Business

#India


Onion, tomato price rise a seasonal effect: Ram Vilas Paswan


Auditors likely to complete investigation in NSE co-location case by December


Uber, Mphasis launch services to assist disabled passengers


Nokia phone maker HMD says India among its top 3 markets


India v New Zealand T20I Series: Team India eye first ever T20I win against Black Caps


Compulsory Aadhaar threat to national security: Subramanian Swamy


Tata Steel elevates Narendran as global CEO  MD


20% margin growth in consultancy business is great, says Engineers India


Bain Capital likely to invest $750 million-$1 billion in Axis Bank: Report

LEAVE A REPLY