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VEDL - Vedanta News Story

₹127.15 -1.8  -1.4%

Last Trade - 11:21am

Sector
Basic Materials
Size
Large Cap
Market Cap £4.99bn
Enterprise Value £8.96bn
Revenue £8.96bn
Position in Universe 61st / 3010

Vedanta chairman says to invest up to $8.4 bln in India in next 3 years - TV

Thu 24th January, 2019 8:10am
NEW DELHI, Jan 24 (Reuters) - 
    * Vedanta Resources will invest up to 600 billion Indian
rupees
($8.42 billion) in India in the next three years, Chairman Anil
Agarwal told TV channel ET Now.
    * Vedanta, which is looking to expand its zinc business in
India
and Africa, is targeting a total annual global production of the
metal of 2 million tonnes, Agarwal told ET Now.
    * The oil-to-metals conglomerate, which operates in India
through
its unit Vedanta Ltd  VDAN.NS , plans to invest $3 billion in
oil and gas, he said.
    * The company is also looking to produce 1,400 tonnes of
silver in
India, he said, adding that he is also looking to set up a glass
manufacturing unit in Maharashtra, India's most industrial
state.
    * Vedanta is committed to invest $1.5 billion in South
Africa,
Agarwal said, without specifying a timeline. 
    * The company is currently out of the race to acquire
debt-laden
Essar Steel, he said.
    * Willing to buy remaining stakes in Hindustan Zinc Ltd
 HZNC.NS 
and Bharat Aluminium Co Ltd  BHLNO.UL  whenever the government
is ready to disinvest, Agarwal said.
 

($1 = 71.2550 Indian rupees)

 (Reporting by Sudarshan Varadhan; editing by Christian
Schmollinger)
 ((Sudarshan.Varadhan@thomsonreuters.com; +911149548059;
Twitter: https://twitter.com/turvytopsy @turvytopsy; Reuters
Messaging: sudarshan.varadhan.thomsonreuters.com@reuters.net))
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