Vedanta to bring investments of up to $20 billion

Agarwal thanked the government saying that Vedanta’s aims complement the Atmanirbhar Bharat initiative.

Vedanta chairman Anil Agarwal during its 56th Annual General Meeting said that the company is committed to bringing in investments of up to $20 billion across its businesses. “We at Vedanta are committed to nation-building and to bring in future investments of up to $20 billion across our businesses, which will play a crucial role in the overall economic growth,” Agarwal said on Tuesday while addressing shareholders.

Agarwal also said that Vedanta is aiming to double the production of silver due to its use in renewable energy. He also said that the company aims to double and possibly triple its production of mining and metals to reduce dependence on fossil fuels, apart from aiming to double its steel production capacity. (HT Archive)

Agarwal also said that Vedanta is aiming to double the production of silver due to its use in renewable energy. He also said that the company aims to double and possibly triple its production of mining and metals to reduce dependence on fossil fuels, apart from aiming to double its steel production capacity.

“The demand for oil in absolute terms will continue to rise for many years and we are committed to increasing our domestic production in oil and gas by up to 50 per cent,” Agarwal said. The company said that it remains committed to decarbonize its operations by 2050.

Agarwal said that the company believes in the power of technology and has digital smelters at one of its plants in Jharsuguda in Odisha, which is its first-of-a-kind initiative. It said that Hindustan Zinc developed technologies to efficiently manage operations remotely.

Vedanta pledged ₹5,000 crore for social impact programmes focused on nutrition, women & child development, healthcare, animal welfare, and grassroots-level sports. It also said that its 10 field hospitals set up during the second wave of Covid-19 will also help the nation if and when the third wave of Covid-19 hits. The company has also pledged to plant 10 million trees across 17 locations every year.

Agarwal thanked the government saying that Vedanta’s aims complement the Atmanirbhar Bharat initiative. He said the company welcomes the proposed amendment of retrospective income tax by the government during the monsoon session. “It shall resolve major ongoing tax litigations amounting to approximately ₹22,000 crore,” Agarwal said.