Noting the growth potential in various business verticals, Anil Agarwal-led Vedanta Ltd said on Friday it will invest around $8 billion over the next three years on several projects.
“The investment announcement we have made will be mainly via internal accruals as we do not intend increasing the debt going ahead,” Chairman Navin Agarwal said on the sidelines of the company's 53th Annual General Meeting in Mumbai.
This year metals and mining giant Vedanta had a record production in its zinc-lead-silver and aluminium businesses, he said, adding that it would further invest $3-$4 billion in these businesses in the next two-three years.
Agarwal voiced the need to have protection for the Indian industry. The success of companies such as Vedanta is vital for India at a time when a fragmenting world is adopting an ‘‘every nation for itself’’ mentality, he said.
For instance, the message from the US --- “America First” --- was loud and clear, he said, adding that even Brexit threatened to overturn 40 years of the way trade was done in Europe.
Global growth was projected at around 4 per cent for both this year and the next. India, on the other hand, was set to grow by over 7.5 per cent annually over next two years, as per the IMF’s World Economic Outlook, and will also boast of a $6 trillion economy over the next decade.
Agarwal said the need of the hour was to bring further changes in policies for natural resources sector, particularly the implementation of the much-awaited New Mineral Policy and ensure a level playing ground on imports and duties.
"As India's largest private sector oil producer, your company contributes 27 per cent to the domestic production and aspires to take it up to 50 per cent. Towards this, your company will be investing $3-4 billion over the next 2-3 years, in various growth projects," he said.
On the Tuticorin unit that was permanently shut down by the Tamil Nadu government after the death of 13 people in police firing on protesters rallying against the plant, Agarwal said the company was grieved by the loss of lives and extended all possible support to the impacted families.
"Your company has been instrumental in the socio-economic transformation of the region. Our copper smelter strongly complies with all environmental norms and is, amongst the best, globally," he said.
In April, the Tamil Nadu pollution control board had rejected Vedanta Sterlite's plea to renew the Consent To Operate certification, saying the company had not complied with the stipulated conditions. Following this, the government issued a permanent closure notice.