Business Economy

Vedanta Ltd. announces it will invest $8 billion in oil and metal businesses

vedanta announcement

On Friday, August 24th, In an attempt to expand its oil energy businesses in India, the Anil Agarwal-led Vedanta Ltd. announced that it is willing to invest nearly $8 billion or ₹56,000 crores.

According to Navin Agarwal, Chairman of Vedanta Ltd., “Being India’s largest private sector oil producer, Vedanta Limited contributes 27 percent to the domestic production and aims to take it up to 50 percent.”

He further added, “For this purpose, We (Vedanta Limited) would be investing $3-4 billion over the coming 2-3 years, in several growth projects.”

Mr. Agarwal also said that the company would invest an additional $3-4 billion in its lead, zinc, aluminum and silver businesses.

Addressing the 53rd AGM of Vedanta Limited, Mr. Agarwal was advocating changes on the policy front.

He also said that it is the right time to bring further changes in policies for the natural resources sector, specifically for the enactment of the much-awaited New Mineral Policy and ensure a level-playing ground on duties and imports.

Mr. Agarwal’s statement reads as follows, “By encouraging the exploration and production of natural resources in India it will lead to greater self-reliance, generate numerous employment opportunities, save billions of dollars in imports and in turn make way for socio-economic development.”

Speaking on the Tuticorin incident, Mr. Agarwal went on to say, “We deeply mourn the tragic loss of lives in Tuticorin. We will provide all the possible support for the affected families. Your company has played an important part in the socio-economic transformation of the region. Our copper smelter is one of the best all over the globe and it also strongly complies with all environmental norms.”