Vedanta to invest up to $8 billion in oil, metals

Vedanta Ltd. is planning invest as much as $8 billion or Rs. 56,000 crore in expanding its oil and energy businesses in India. “As India’s largest private sector oil producer, Vedanta Limited contributes 27% to the domestic production and aspires to take it up to 50%,” said Navin Agarwal, chairman, Vedanta Ltd. Seeks policy changes “Towards this, Vedanta Limited will be investing $3-4 billion over the next 2-3 years, in various growth projects,” he said adding the company would invest a further $3-4 billion in its zinc, lead,silver and aluminium businesses. Advocating changes on the policy front, Mr. Agarwal, addressing the 53rd AGM of the company, said that the need of the hour was to bring further changes in policies for natural resources sector, particularly the implementation of the much-awaited New Mineral Policy and ensure a level-playing ground on imports and duties. Sign up to receive our newsletter in your inbox every day!

Source : https://www.thehindu.com/todays-paper/tp-business/vedanta-to-invest-up-to-8-billion-in-oil-metals/article24775715.ece