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Vedanta Plans to Invest INR 55,000 Crore in India in 3 years

Feb 4,2019

It is reported Mr. Anil Agarwal Vedanta group Chairman has said that his company plans to invest INR 55,000 to INR 60,000 crore in India in the next three years of which about INR 21,000 crore will be invested in oil and gas sector and looking forward in Assam, Rajasthan, Gujarat, and Tamil Nadu. He added they have already made a plan to invest about USD 3 billion in oil and gas sector.

 

The Vedanta group chief said that the company was also looking to expand its zinc business in India and Africa to produce 2 million metric tons of zinc, said the report.

 

In December 2018, Vedanta had said it would set up a new steel plant in Jharkhand with a capacity of 4.5 million tonne per annum at an investment of USD 3 to 4 billion, said a report.

 

Mr. Agarwal said that the plant would be part of the company's newly-acquired Electrosteel Steels Ltd (ESL) at Bokaro. Chairman of the metals and mining company said that "This would be a new steel plant under ESL and in the same location at Bokaro, so it's a brownfield investment per se. The amount is likely to be to the tune of USD 3 to 4 billion for a capacity of 4.5 MT.”