INDIAN business tycoon Anil Agarwal led Vedanta Ltd said that it spent Rs 100 billion (£1.17bn) on capital expenditure programme in the financial year 2019.
Speaking at the annual general meeting of Vedanta Ltd in New Delhi, company’s chairman Navin Agarwal said: “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.
“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 per cent.”
Asia’s third-biggest economy, India is currently importing around 80 per cent of its oil and gas requirements amounting to £120bn, Agarwal said.
The future plans of the Mumbai headquartered business include a total capital investment of Rs 550bn to raise existing production by about 50 per cent across its businesses.
The company expects funding from internal cash flows for its future capital investment programmes.
Vedanta Ltd’s activities are based in India, with its main operations in iron ore, zinc, and aluminium mines in Goa, Karnataka, Rajasthan, and Odisha states of the country.