Vedanta aims to invest up to $20 bn across biz
Premium- The company intends to double its capacity in steel as well as double its production of silver
Vedanta Chairman Anil Agarwal on Tuesday said that the company is committed to bringing in future investments of up to 20 billion dollars across its businesses.
Agarwal was addressing the shareholders during the 56th Annual General Meeting of the company.
''With the outlook for mineral-led growth looking robust, we at Vedanta are committed to nation-building and to bring in future investments of up to USD 20 billion across our businesses, which will play a crucial role in the overall economic growth,'' Agarwal said.
The company which is already India's largest producer in aluminum, aims to double its production of silver, which is not only a precious metal but has uses in the high-tech industry and renewable energy.
In steel, which is a significant component of its business, it said it intends to double its capacity.
Today, mining contributes 1.5% to GDP while metals contribute an additional 2%.
The GDP contribution of mining and metals must double, possibly even treble, he said.
''It is the only way to avoid import dependence of the kind we have seen in crude oil. Policy regimes are changing for the good,'' he said adding that the demand for oil in absolute terms will continue to rise for many years and Vedanta is committed to increasing its domestic production in oil and gas by up to 50%.
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Welcoming the proposed amendment of retrospective income tax, he said, it will have a positive impact on Vedanta, adding that it shall resolve major ongoing tax litigations amounting to approximately ₹22,000 crore.
Stating that India is at the cusp of an economic transformation, he said that in the coming years, the nation will grow from a $2.6 trillion economy to a $5 trillion economy and then a $10 trillion economy.
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