Vedanta Ltd. is planning invest as much as $8 billion or Rs. 56,000 crore in expanding its oil and energy businesses in India.
Navin Agarwal, chairman, Vedanta Ltd, said: “As India’s largest private sector oil producer, Vedanta Limited contributes 27% to the domestic production and aspires to take it up to 50%”.
“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 aluminum 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 the natural resources sector, particularly the implementation of the much-awaited New Mineral Policy and ensure a level-playing ground on imports and duties.