Anil Agarwal-led Vedanta Ltd. is planning invest as much as $8 billion or ₹56,000 crore in expanding its oil and energy businesses in India.
“As India’s largest private sector oil producer, Vedanta Limited contributes 27% to the domestic production and aspires to take it up to 50%,” said Navin Agarwal, chairman, Vedanta Ltd.
“Towards this, Vedanta Limited will be investing $3-4 billion over the next 2-3 years, in various growth projects,” he said adding the company would invest a further $3-4 billion in its zinc, lead,silver and aluminium businesses.
Advocating changes on the policy front, Mr. Agarwal, addressing the 53rd AGM of the company, said that 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.
“Encouragement to explore and produce natural resources in India will lead to greater self-reliance, save billions of dollars in imports, generate immense employment opportunities, paving way for socio-economic development,” he added.
On the Tuticorin incident, Mr. Agarwal said, “We are greatly grieved by the tragic loss of lives in Tuticorin and have 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.”