Vedanta Limited, one of the world’s largest natural resources company, plans to invest Rs 60,000-70,000 crore, or $10 billion, in its oil & gas, zinc, iron ore and glass businesses, Chairman Anil Agarwal said in an interview to CNBC TV18. “I am looking forward to investing Rs 60,000-70,000 crore in the oil and gas sector, zinc, iron ore,” Agarwal told CNBC TV18 on the sidelines of the ongoing World Economic Forum in Davos. “We are already going ahead with glass,” he added. Agarwal said the company is waiting for the necessary clearances, and for “things to come to the right track”. “I have no doubt that in 2017, we will announce these projects,” he said.
Vedanta Limited, formerly known as Sesa Sterlite, is a unit of London-based Vedanta Resources Plc. It is one of the world’s leading low-cost iron ore producer and has interests in zinc, lead, silver, aluminium, copper, etc. Its oil & gas business comprises assets of the erstwhile Cairn India Ltd, which was acquired by Vedanta Resources Plc in 2011.
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Agarwal did not say how will the company fund the proposed investments.
Vedanta Resources had acquired Sesa Sterlite in 2009 by buying 51% equity stake from Mitsui & Co.
Vedanta Ltd’s mined zinc production in fiscal third quarter 2016-17 rose 21% on-year to 276,000 tonnes, while integrated zinc production during the quarter was at 205,000 tonnes.
During Oct-Dec, it produced an average of 181,818 barrels of oil and equivalents per day, with 154,272 barrels per day of oil and equivalents coming from the Rajasthan block.
