Vedanta group plans to invest Rs 55,000-60,000 crore in India in three years; firm eyes to expand zinc business

  • Anil Agarwal-led Vedanta group plans to invest Rs 55,000-Rs 60,000 crore in India in the next three years

  • Of the total investment, Rs 21,000 crore will be invested in oil and gas sector

  • Agarwal said that the company looks to expand its zinc business in India and Africa

Vedanta group chairman Anil Agarwal has said that his company plans to invest Rs 55,000-Rs 60,000 crore in India in the next three years of which about Rs 21,000 crore will be invested in oil and gas sector, said a media report.

"We are planning to invest Rs 55,000-60,000 crore in India over three years. I am looking forward in Assam, Rajasthan, Gujarat and Tamil Nadu. We have already made a plan to invest about $3 billion in oil and gas sector," Agarwal was quoted as saying in an interview to The Economic Times.

 Vedanta group plans to invest Rs 55,000-60,000 crore in India in three years; firm eyes to expand zinc business

Representational image. Reuters.

The Vedanta group chief said that the company was also looking to expand its zinc business in India and Africa to produce two million metric tons of zinc, said the report.

In December 2018, Vedanta had said it would set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne (MT) per annum at an investment of $3-4 billion, said a PTI report.

The plant would be part of the company's newly-acquired Electrosteel Steels Ltd (ESL) at Bokaro, Agarwal said.

"This would be a new steel plant under ESL and in the same location at Bokaro... so it's a brownfield investment per se. The amount is likely to be to the tune of $3-4 billion for a capacity of 4.5 MT," chairman of the metals and mining company said.

Vedanta would initially invest about $300 million to augment the capacity of ESL to 2.5 MT from the existing 1.5 MT.

In November 2018, Agarwal had announced that his company would inject Rs 15,000 crore to raise the alumina refinery capacity at Lanjigarh three-fold to six mtpa and firm up the downstream sector in Odisha in three years.

The expansion of the Lanjigarh plant in phases would increase the capacity of the refinery from the existing two million tonnes per annum (mtpa) to four mtpa and then to six mtpa in the next three years, Agarwal said.

Vedanta has already invested over Rs 50,000 crore in Odisha projects, he said adding that fresh investment of Rs 15,000 crore would be made in the next three years for the expansion of Lanjigarh refinery and strengthening of downstream sector.

With PTI inputs

 

 

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Updated Date: Jan 25, 2019 15:40:09 IST