Anil Agarwal-owned Vedanta plans to invest $8 billion (about ₹56,000 crore) to increase the production of aluminium, zinc, lead and crude oil over the next three years.
To raise oil & gas production
Addressing shareholders at the company’s annual general meeting on Friday, Vedanta Chairman, Navin Agarwal, said India currently spends $125 billion on oil imports, which accounts for 80 per cent of its oil needs. As the country's largest private sector oil producer, Vedanta contributed 27 per cent to the domestic production and aspires to take it up to 50 per cent, he said. Towards this end, he said Vedanta will invest $3-4 billion over the next 2-3 years, in various growth projects.
The need of the hour is to bring further changes in policies for the 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, he said.
Centre for tech excellence
Vedanta is the world's second largest integrated zinc-lead producer and the only primary silver producer in India.
"We are also the largest aluminium producer in the country. This year, we had a record production in our zinc-lead-silver and aluminium businesses. We would be further investing $3-4 billion in these businesses in the next 2-3 years," he said.
With this immense growth potential, he said the company will invest about $8 billion, on growth projects across our businesses, over the next 3 years.
To harness the benefits of innovation and technology, the company is establishing a global centre for technical excellence.
Free cash flow stood at ₹7,900 crore and gross debt reduced by ₹8,500 crore. With a contribution of over ₹33,000 crore to Indian exchequer, the company is among the top two corporate contributors in India Inc.