VEDANTA WILL INVEST CLOSE TO $8 BN IN NEXT 3 YEARS: CHAIRMAN

NEW DELHI: Metals and mining giant Vedanta Ltd on Friday said it will pump in around $8 billion (about ₹56,000 crore) over the next three years on various projects across businesses.

There is immense growth potential in sight, Vedanta Ltd chairman Navin Agarwal said at the company’s annual general meeting (AGM), where he made the investment announcement. “As India’s largest private sector oil producer, your company contributes 27% to the domestic production and aspires to take it up to 50%. Towards this, your company will be investing $3-4 billion over the next 2-3 years, in various growth projects,” he said.

This year Vedanta had a record production in its zinclead-silver and aluminium businesses, he said, adding that it would further invest $3-4 billion in these businesses in the next 2-3 years.

On Tuticorin unit which has been permanently shut down by the Tamil Nadu government following the deaths of 13 people in police firing on protesters against the plant, Agarwal said the company is greatly grieved by the tragic loss of lives and has 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 added.

During financial year 2017-18, Vedanta increased its revenue by 22%, year-on-year to ₹92,900 crore.