Stating that its growth plans will see it becoming the world’s largest zinc producer and among the top three silver producers, mining giant Vedanta Ltd Thursday said it spent around Rs 10,000 crore in FY’19 on capital expenditure programs.
“As India’s largest private sector oil and gas producer, our company aims to double its current contribution of 27 percent of nation’s production,” the company’s Chairman Navin Agarwal said at it’s Annual General Meeting (AGM).
India currently imports around 80 percent of its oil and gas requirements, amounting to USD 150 billion, he said.
“We are the largest primary producer of aluminum in the country. Our plans will see us produce three million tonnes of integrated aluminum, an increase of 50 percent,” he added.
Looking at the medium term, Agarwal said Vedanta’s plans include a total capital investment of Rs 55,000 crore to increase production by about 50 percent across its businesses which the company expects to fund from internal cash flows.
The mega targets set in the Union Budget 2019-20 for investment in infrastructure sector at Rs 100 lakh crore over the next five years will lead to urbanization and industrialization in the country, generating significant demand for natural resources, he said.
India currently has a resources’ import bill of USD 465 billion, Agarwal added.Share This