Agarwal had said earlier that Vedanta Limited plans to invest Rs 60,000-70,000 crore, or $10 billion, in its oil & gas, zinc, iron ore and glass businesses.
Vedanta Limited, one of the world’s largest natural resources company, will invest Rs 5,000 crore in the state of Jharkhand for various business initiatives, Chairman Anil Agarwal said on Wednesday.
“We import 100% of silver and 95% of copper, but now it’s time to manufacture on our own,” Agarwal said at the Momentum Jharkhand – the state’s Global Investor Summit 2017. He did not say how will the company fund the proposed investments.
“We have a big plan but we will start with the medium size or small size project,” Agarwal said in an interview with PTI, adding, “We intend to set up a one million tonne of steel plant.”
“Once we start and find that things are comfortable, we can always enhance. We have identified the place. We have some iron ore deposits there which I would like to explore and develop. It is just a first step,” Agarwal said, adding that the timeline set for the plant is two years.
Earlier last month, Agarwal had said that Vedanta Limited plans to invest Rs 60,000-70,000 crore, or $10 billion, in its oil & gas, zinc, iron ore and glass businesses. “I am looking forward to investing Rs 60,000-70,000 crore in the oil and gas sector, zinc, iron ore,” Agarwal had said, adding, “We are already going ahead with glass.”.
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 had said then.
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.
Vedanta Resources had acquired Sesa Sterlite in 2009 by buying 51% equity stake from Mitsui & Co.
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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.
Jharkhand has arranged for the summit to attract investors into the state, following a spate of such events by other states as well. Business leaders including Ratan Tata, Kumar Mangalam Birla and Navin Jindal, and Finance Minister Arun Jaitley were also present at the event.