Monday, October 3, 2022

Vedanta spent Rs 10,000 crores on capex in FY19

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New Delhi: Spelling out its plans to become the world’s largest zinc producer and carve a place for itself on the list of India’s top three silver producers, mining giant Vedanta Ltd said on Thursday that it has spent Rs 10,000 crores in financial year 2018-19 on capital expenditure programmes.

At Vedanta’s Annual General Meeting (AGM), Chairman Navin Agarwal said that the company is planning to have a total capital investment of Rs 55,000 crore over the medium term to increase production by about 50 percent across its businesses which the company expects to fund from internal cash flows.

Vedanta aims to double its oil & gas output

“As India’s largest private sector oil and gas producer, your company aims to double its current contribution of 27 per cent of nation’s production,” Agarwal said. India currently imports around 80 percent of its overall oil and gas requirements, amounting to $150 million, he said.

Other takeaways from the meeting

While noting that 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 urbanisation and industrialisation in the country, Agarwal said that this will generate significant demand for natural resources.

“We are the largest primary producer of aluminium in the country. Our plans will see us produce three million tonnes of integrated aluminium, an increase of 50 percent,” he added.

India’s resources’ import bill currently stands at $465 billion, Agarwal added.

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