NEW DELHI: Metals and mining large Vedanta Ltd on Friday said it will pump in around $8 billion (about Rs 56,000 crore) over the following three years on various initiatives throughout businesses.
There is immense enlargement possible in sight, Vedanta Ltd Chairman Navin Agarwal said at the corporate's Annual General Meeting, where he made the investment announcement.
"As India's largest private sector oil producer, your company contributes 27 per cent to the domestic production and aspires to take it up to 50 per cent. Towards this, your company will be investing $3-4 billion over the next 2-3 years, in various growth projects," he said.
This 12 months Vedanta had a record manufacturing in its zinc-lead-silver and aluminium businesses, he said, including that it will additional invest $Three-4 billion in these businesses in the next 2-Three years.
On Tuticorin unit which has been completely close down via the Tamil Nadu executive following the deaths of 13 folks in police firing on protesters against the plant, Agarwal said the corporate is very much grieved via the tragic lack of lives and has extended all possible beef up to the impacted households.
"Your company has been instrumental in the socio-economic transformation of the region. Our copper smelter strongly complies with all environmental norms and is, amongst the best, globally," he added.
In April, the Tamil Nadu pollution keep an eye on board had rejected Vedanta Sterlite's plea to renew the Consent To Operate certification, pronouncing the corporate had not complied with the stipulated conditions. Following this, the federal government had issued an enduring closure realize to the plant.
After Sterlite introduced its plans to increase the Tuticorin plant, villagers around it started contemporary protests that persevered for over 100 days, culminating in the May 22 police firing on protestors that claimed 13 lives and left rankings injured.
The need of the hour is to convey additional changes in policies for herbal resources sector, particularly the implementation of the much-awaited New Mineral Policy and make sure a level enjoying flooring on imports and duties.
"Encouragement to explore and produce natural resources in India will lead to greater self-reliance, save billions of dollars in imports, generate immense employment opportunities, paving way for socio-economic development," the corporate said.
During monetary 12 months 2017-18, Vedanta Ltd increased its revenue via 22 in step with cent, year-on-year to Rs 92,900 crore.
Its EBITDA or working benefit additionally increased via 19 in step with cent, to Rs 25,500 crore, and benefit after taxes rose up via 10 in step with cent to Rs 8,200 crore.
"Free cash flow stood at Rs 7,900 crore and we reduced our gross debt by Rs 8,500 crore," Agarwal said.
During the 12 months, the corporate obtained Electrosteel Steels Ltd, integrating it with its existing iron ore business.
There is immense enlargement possible in sight, Vedanta Ltd Chairman Navin Agarwal said at the corporate's Annual General Meeting, where he made the investment announcement.
"As India's largest private sector oil producer, your company contributes 27 per cent to the domestic production and aspires to take it up to 50 per cent. Towards this, your company will be investing $3-4 billion over the next 2-3 years, in various growth projects," he said.
This 12 months Vedanta had a record manufacturing in its zinc-lead-silver and aluminium businesses, he said, including that it will additional invest $Three-4 billion in these businesses in the next 2-Three years.
On Tuticorin unit which has been completely close down via the Tamil Nadu executive following the deaths of 13 folks in police firing on protesters against the plant, Agarwal said the corporate is very much grieved via the tragic lack of lives and has extended all possible beef up to the impacted households.
"Your company has been instrumental in the socio-economic transformation of the region. Our copper smelter strongly complies with all environmental norms and is, amongst the best, globally," he added.
In April, the Tamil Nadu pollution keep an eye on board had rejected Vedanta Sterlite's plea to renew the Consent To Operate certification, pronouncing the corporate had not complied with the stipulated conditions. Following this, the federal government had issued an enduring closure realize to the plant.
After Sterlite introduced its plans to increase the Tuticorin plant, villagers around it started contemporary protests that persevered for over 100 days, culminating in the May 22 police firing on protestors that claimed 13 lives and left rankings injured.
The need of the hour is to convey additional changes in policies for herbal resources sector, particularly the implementation of the much-awaited New Mineral Policy and make sure a level enjoying flooring on imports and duties.
"Encouragement to explore and produce natural resources in India will lead to greater self-reliance, save billions of dollars in imports, generate immense employment opportunities, paving way for socio-economic development," the corporate said.
During monetary 12 months 2017-18, Vedanta Ltd increased its revenue via 22 in step with cent, year-on-year to Rs 92,900 crore.
Its EBITDA or working benefit additionally increased via 19 in step with cent, to Rs 25,500 crore, and benefit after taxes rose up via 10 in step with cent to Rs 8,200 crore.
"Free cash flow stood at Rs 7,900 crore and we reduced our gross debt by Rs 8,500 crore," Agarwal said.
During the 12 months, the corporate obtained Electrosteel Steels Ltd, integrating it with its existing iron ore business.
Vedanta to invest close to Rs 56,000 crore in next 3 years: Chairman
![Vedanta to invest close to Rs 56,000 crore in next 3 years: Chairman]()
Reviewed by Kailash
on
August 25, 2018
Rating:
