Vedanta plans to invest $20 bn in 4 years: Agarwal

NEW DELHI: The Vedanta Group is targeting an investment of $20 billion across all its businesses in India over the next four years, its Chairman Anil Agarwal said on Wednesday.

The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal said at the sidelines of a company event.

“At the moment, we have a plan to invest $20 billion across sectors in four years time, “Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass - used in making smartphones and laptops screens - are essential from a future perspective, he said, adding the group is present in both the businesses already. It has land in Gujarat for a semiconductor plant and is scouting for a credible and strong partner, he said.

On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally.

Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. “We are committed... if we get the right price to divest it,” he said, adding if the group doesn’t get the right price, it will choose to continue running the business by itself. The steel business is profitable and has really committed people who can ensure it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only $12 billion at present and seemed to suggest that the same is manageable.