Vedanta outlines ambitious investment plan
India's metal major Vedanta Resources, which has recorded a pre-tax profit of USD 1.2 billion in the last fiscal, plans to use its strong cash position for substantial investments over the next two years.
Vedanta has USD 4.9 billion in cash on its balance sheet, but has moved to a net debt position of USD 200 million after a two billion plus dollar bond sale to cover investment in capacity extensions over the period.
However, the company was cash generative with free-cash flow of USD 1.7 billion, it said.
The group plans to invest USD 15 billion in its business and around half of that investment has already been made. The remaining USD 7.5 billion will come from its current balances and cash generated by its operations over the next two years.
Anil Agarwal, Vedanta's chairman, said, "With strong volume growth, high-quality assets and continued progress in cost reduction, we are confident of delivering another year of profitable growth and strong free-cash flows."
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